January new business volume up 16 percent
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector, showed their overall new business volume for January was $5.9 billion, up 16 percent from a volume of $5.1 billion in the same period in 2012. Volume was down 49 percent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
Receivables more than 30 days old increased to 1.8 percent in January after hitting their lowest level in the last two years in December at 1.6 percent. They were down from 1.9 percent in the same period in 2012. Charge-offs were at an all-time low of 0.3 percent, down from 0.6 percent the previous month.
Credit approvals totaled 78.3 percent in January, down 0.3 percent from December. Finally, total headcount for equipment finance companies was up 0.7 percent from the previous month, and increased 0.6 percent year over year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for February is 58.7, an increase from the January index of 54.2, reflecting industry participants’ increasing optimism despite a wary eye on economic conditions and government management of fiscal policies.
From our partners
Sandvik Construction launches the newly developed CH540 cone crusher - the latest crusher in a market-leading series. The all new…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- A set of dinosaur footprints were found in a German quarry615 Views
- A Game of Stones: Quarry set location of 'The Wall' in HBO show could become a permanent attraction500 Views
- A miner was seriously injured after a metal walkway gave way393 Views
- Summit Materials acquires Utah construction materials company385 Views
- The U.S. saw an increase in construction aggregates in the second quarter351 Views