The Equipment Leasing and Finance Association (ELFA), which represents the nearly $1 trillion equipment finance sector, reveals its Top 10 Equipment Acquisition Trends for 2021. Given U.S. businesses, nonprofits and government agencies are expected to spend more than $1.8 trillion in capital goods or fixed business investment (including software) this year financing a majority of those assets, according to ELFA, the trends impact a significant portion of the U.S. economy.
“Not surprisingly, the effects of the COVID pandemic loom large in the list of trends this year. Despite upheaval throughout the economy, equipment acquisition continues to drive supply chains across all U.S. manufacturing and service sectors,” says ELFA President and CEO Ralph Petta. “Nearly eight in 10 U.S. businesses use equipment leasing and financing to acquire the productive assets they need to operate and grow.”
ELFA distilled recent research data, including the Equipment Leasing & Finance Foundation’s 2021 Equipment Leasing & Finance U.S. Economic Outlook, industry participants’ expertise and member input from ELFA meetings, in compiling the trends.
Its top trend prediction, ELFA says the U.S. economy will be a tale of two halves. The effects of the pandemic will continue with business restrictions and suppressed spending during the winter months. GDP growth will be weighted toward the second half of the year once vaccines are widely available, and the upside potential for economic growth later in the year is substantial with 4.7% GDP growth forecast for 2021.
For more information on ELFA’s Top 10 Equipment Acquisition Trends for 2021, visit www.equipmentfinanceadvantage.org
