US companies increased their borrowing for equipment purchases by 5.7% in October compared to the previous year, according to the Equipment Leasing and Finance Association (ELFA). This suggests the recent government shutdown had minimal impact on capital expenditure. New loans, leases, and credit lines totalled $10.5 billion on a seasonally adjusted basis, consistent with September’s figures.
The ELFA’s CapEx Finance Index (CFI) report indicates that, at the current rate, 2025 is poised to be the second-strongest year for equipment demand since the survey commenced in 2006. The Washington-based trade association, which monitors economic activity in the equipment sector valued at over $1 trillion, noted that banks experienced the most significant increase in new business volumes in October, with an additional $4.8 billion.
ELFA President and CEO Leigh Lytle commented that while the future of interest rates remains unclear, the industry’s financial stability positions it for a strong start to 2026. The ELFA CapEx Finance Index is derived from a survey of 25 members, including major financial institutions and the financing arms of prominent equipment manufacturers.
Furthermore, the Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, reported its November confidence index as relatively stable at 59.9, slightly down from 60.1 in October. A reading above 50 suggests a positive outlook. ELFA is a trade association that tracks economic activity in the equipment sector. It provides insights into industry trends and forecasts.
