New financing business grew 7.4 percent in 2021, erasing a 7-percent decline in 2020 at the height of the Covid-19 pandemic, according to new research from the Equipment Leasing and Finance Association (ELFA).
Construction equipment was the third most-financed equipment type, according to the research, and represented 16.1 percent of new business volume, up from 14.5 percent in 2020. The construction industry represented 10.2 percent of new volume, up from 8.8 percent in 2020.
Citing data from the U.S. Bureau of Economic Analysis, ELFA reports 2021 investment in construction machinery at $43.7 billion.
According to Wells Fargo, six of 10 (61 percent) construction equipment distributors said that they expect sales of new equipment to increase this year, and 21 percent expect sales to fall compared to 2021. The same percentage of distributors (60 percent) expect sales of used equipment to increase this year compared to last.
Source: ELFA
