10/17/2024 | Press release | Distributed by Public on 10/17/2024 06:11
Washington, DC, Oct 17, 2024 -The Equipment Leasing & Finance Foundation (the Foundation) releases the October 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 61.8, steady with the September index of 61.9, which was the highest level since January 2022. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1 trillion equipment finance sector.
When asked about the outlook for the future, MCI-EFI survey respondent Brent Hall, CLFP, Senior Vice President, Alliance Funding Group, said, "The future for the American economy actually looks bright compared to the international scene, and manufacturing will continue to re-shore with increasing need for capital spending."
October 2024 Survey Results:
The overall MCI-EFI is 61.8, steady with the September index of 61.9.
October 2024 MCI-EFI Survey Comments from Industry Executive Leadership:
Bank, Small Ticket
"With the upcoming election close and the Fed starting the cycle of rate cuts, the uncertainty around these specific concerns will lessen. I think this will help business get back to work solving their customers' problems and increase investment in capital equipment. Additionally, equipment finance companies, specifically within the bank segment, have unfrozen and are actively investing in the equipment finance sector providing needed access to capital at more attractive rates." David Normandin, CLFP, President and Chief Executive Officer, Wintrust Specialty Finance
Bank, Large Ticket
"Lower interest rates will ignite capex for smaller companies that have been on the sidelines for a few years and need to add or replace equipment for growth. Getting past the election should provide some clarity on the economic direction of the U.S., thus more capex investments can be made. Lastly, onshoring will continue to promote infrastructure investment which requires capex spending to execute." Jeffry Elliott, CLFP, President, Huntington Equipment Finance
Captive, Small Ticket
"The Fed's intent to lower interest rates combined with stabilizing of inflation will stimulate investment, spending and expansion." Jim DeFrank, EVP and Chief Operating Officer, Isuzu Finance of America, Inc.
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