{"id":62538,"date":"2024-11-21T09:45:52","date_gmt":"2024-11-21T17:45:52","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=62538"},"modified":"2024-11-21T09:45:54","modified_gmt":"2024-11-21T17:45:54","slug":"equipment-finance-industry-confidence-reaches-three-year-high","status":"publish","type":"post","link":"http:\/\/www.enxmag.com\/twii\/news\/2024\/11\/equipment-finance-industry-confidence-reaches-three-year-high\/","title":{"rendered":"Equipment Finance Industry Confidence Reaches Three-Year High"},"content":{"rendered":"\n<p><em>Washington, DC (Nov. 21, 2024)<\/em> \u2013 The Equipment Leasing &amp; Finance Foundation (the Foundation) releases the November 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 67.5, up from the October index of 61.8, and the highest level since August 2021. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1.3 trillion equipment finance sector. Approximately half of the survey responses were submitted prior to the elections and half were submitted after.<\/p>\n\n\n\n<p>When asked about the outlook for the future, MCI-EFI survey respondent Charles Jones, senior vice president, 1st Equipment Finance Inc., said, \u201cBusinesses still need equipment. Political uncertainty has had an impact and should resolve itself. With the election behind us, businesses will need to continue to operate and look to grow. Calmer heads seem to be prevailing and the industry is coming back. Delinquency has hopefully leveled, and lenders are licking their wounds and looking forward.\u201d<\/p>\n\n\n\n<p>November 2024 Survey Results:<\/p>\n\n\n\n<p>The overall MCI-EFI is 67.5, up from the October index of 61.8.<\/p>\n\n\n\n<ul><li>Business conditions &#8211; When asked to assess their business conditions over the next four months, 43.3% of the executives responding said they believe business conditions will improve over the next four months, an increase from 37.9% in October. 50% believe business conditions will remain the same over the next four months, down from 51.7% the previous month. 6.7% believe business conditions will worsen, down from 10.3% in October.<\/li><li>Capex demand \u2013 48.3% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, up from 44.8% in October. 44.8% believe demand will \u201cremain the same\u201d during the same four-month time period, up from 41.4% the previous month. 6.9% believe demand will decline, a decrease from 13.8% in October.<\/li><li>Access to capital \u2013 37.9% of the respondents expect more access to capital to fund equipment acquisitions over the next four months, up from 27.6% in October. 62.1% of executives indicate they expect the \u201csame\u201d access to capital to fund business, down from 72.4% last month. None expect \u201cless\u201d access to capital, unchanged from the previous month.<\/li><li>Employment &#8211; When asked, 44.8% of the executives report they expect to hire more employees over the next four months, an increase from 24.1% in October. 48.3% expect no change in headcount over the next four months, down from 65.5% last month. 6.9% expect to hire fewer employees, down from 10.3% in October.<\/li><li>U.S. economy \u2013 None of the leadership evaluate the current U.S. economy as \u201cexcellent,\u201d down from 6.9% the previous month. 96.7% evaluate the economy as \u201cfair,\u201d up from 93.1% in October. 3.3% evaluate it as \u201cpoor,\u201d an increase from none last month.<\/li><li>Economic outlook \u2013 60% of the survey respondents believe that U.S. economic conditions will get \u201cbetter\u201d over the next six months, up from 37.9% in October. 36.7% indicate they believe the U.S. economy will \u201cstay the same\u201d over the next six months, down from 51.7% last month. 3.3% believe economic conditions in the U.S. will worsen over the next six months, a decrease from 10.3% the previous month.<\/li><li>Business development spending \u2013 In November, 36.7% of respondents indicate they believe their company will increase spending on business development activities during the next six months, up from 34.5% the previous month. 56.7% believe there will be \u201cno change\u201d in business development spending, an increase from 55.2% in October. 6.7% believe there will be a decrease in spending, down from 10.3% last month.<\/li><\/ul>\n\n\n\n<p>November 2024 MCI-EFI Survey Comments from Industry Executive Leadership:<\/p>\n\n\n\n<p><strong>Independent, Small Ticket<\/strong><\/p>\n\n\n\n<p>\u201cI\u2019m still concerned about the state of the consumer and the U.S. from a debt load perspective, but more optimistic on growth after the U.S. election cycle.\u201d<br><em>\u2014 Mark Bonanno, President and COO, North Mill Equipment Finance<\/em><\/p>\n\n\n\n<p>\u201cThe election is over. Looking forward, Trump&#8217;s policies will improve the economy and begin reducing government over-regulation.\u201d<br><em>\u2014 James D. Jenks, CEO, Global Finance and Leasing Services, LLC<\/em><\/p>\n\n\n\n<p><strong>How may I access the MCI-EFI?<\/strong><\/p>\n\n\n\n<p>Survey results are posted on the Foundation <a href=\"https:\/\/www.leasefoundation.org\/industry-resources\/monthly-confidence-index\/\">website<\/a>. Details about the MCI, including who participates, how it\u2019s designed, and the survey respondent demographics are also available at the link above.<\/p>\n\n\n\n<p>###<\/p>\n\n\n\n<p><strong>About the Foundation<\/strong><br>The <a href=\"http:\/\/www.leasefoundation.org\">Equipment Leasing &amp; Finance Foundation<\/a> is a 501c3 non-profit organization that propels the equipment finance sector\u2014and its people\u2014forward through industry-specific knowledge, intelligence, and student talent development programs that contribute to industry innovation, individual careers, and the advancement of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, DC (Nov. 21, 2024) \u2013 The Equipment Leasing &amp; Finance Foundation (the Foundation) releases the November 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 67.5, up from the October index of 61.8, and the highest level since August 2021. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1.3 trillion equipment finance sector. Approximately half of the survey responses were submitted prior to the elections and half were submitted after. When asked about the outlook for the future, MCI-EFI survey respondent Charles Jones, senior vice president, 1st Equipment Finance Inc., said, \u201cBusinesses still need equipment. Political uncertainty has had an impact and should resolve itself. With the election behind us, businesses will need to continue to operate and look to grow. Calmer heads seem to be prevailing and the industry is coming back. Delinquency has hopefully leveled, and lenders are licking their wounds and looking forward.\u201d November 2024 Survey Results: The overall MCI-EFI is 67.5, up from the October index of 61.8. Business conditions &#8211; When asked to assess their business conditions over the next four months, 43.3% of the executives responding said they believe business conditions will improve over the next four months, an increase from 37.9% in October. 50% believe business conditions will remain the same over the next four months, down from 51.7% the previous month. 6.7% believe business conditions will worsen, down from 10.3% in October. Capex demand \u2013 48.3% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, up from 44.8% in October. 44.8% believe demand will \u201cremain the same\u201d during the same four-month time period, up from 41.4% the previous month. 6.9% believe demand will decline, a decrease from 13.8% in October. Access to capital \u2013 37.9% of the respondents expect more access to capital to fund equipment acquisitions over the next four months, up from 27.6% in October. 62.1% of executives indicate they expect the \u201csame\u201d access to capital to fund business, down from 72.4% last month. None expect \u201cless\u201d access to capital, unchanged from the previous month. Employment &#8211; When asked, 44.8% of the executives report they expect to hire more employees over the next four months, an increase from 24.1% in October. 48.3% expect no change in headcount over the next four months, down from 65.5% last month. 6.9% expect to hire fewer employees, down from 10.3% in October. U.S. economy \u2013 None of the leadership evaluate the current U.S. economy as \u201cexcellent,\u201d down from 6.9% the previous month. 96.7% evaluate the economy as \u201cfair,\u201d up from 93.1% in October. 3.3% evaluate it as \u201cpoor,\u201d an increase from none last month. Economic outlook \u2013 60% of the survey respondents believe that U.S. economic conditions will get \u201cbetter\u201d over the next six months, up from 37.9% in October. 36.7% indicate they believe the U.S. economy will \u201cstay the same\u201d over the next six months, down from 51.7% last month. 3.3% believe economic conditions in the U.S. will worsen over the next six months, a decrease from 10.3% the previous month. Business development spending \u2013 In November, 36.7% of respondents indicate they believe their company will increase spending on business development activities during the next six months, up from 34.5% the previous month. 56.7% believe there will be \u201cno change\u201d in business development spending, an increase from 55.2% in October. 6.7% believe there will be a decrease in spending, down from 10.3% last month. November 2024 MCI-EFI Survey Comments from Industry Executive Leadership: Independent, Small Ticket \u201cI\u2019m still concerned about the state of the consumer and the U.S. from a debt load perspective, but more optimistic on growth after the U.S. election cycle.\u201d\u2014 Mark Bonanno, President and COO, North Mill Equipment Finance \u201cThe election is over. Looking forward, Trump&#8217;s policies will improve the economy and begin reducing government over-regulation.\u201d\u2014 James D. Jenks, CEO, Global Finance and Leasing Services, LLC How may I access the MCI-EFI? Survey results are posted on the Foundation website. Details about the MCI, including who participates, how it\u2019s designed, and the survey respondent demographics are also available at the link above. ### About the FoundationThe Equipment Leasing &amp; Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector\u2014and its people\u2014forward through industry-specific knowledge, intelligence, and student talent development programs that contribute to industry innovation, individual careers, and the advancement of the equipment leasing and finance industry. The Foundation is funded through charitable individual and corporate donations.<\/p>\n","protected":false},"author":66,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[86],"tags":[2194],"_links":{"self":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/62538"}],"collection":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=62538"}],"version-history":[{"count":1,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/62538\/revisions"}],"predecessor-version":[{"id":62539,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/62538\/revisions\/62539"}],"wp:attachment":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=62538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=62538"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=62538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}