Equipment sector in US maintains momentum

The Washington-based Equipment Leasing & Finance Foundation says its November 2025 Monthly Confidence Index for the equipment finance industry (MCI-EFI) portrays confidence in that market at a heightened level for six consecutive months.

Survey results this November also hint at a few caution signals as 2025 comes to an end.

The index, designed to provide a qualitative assessment from executives in the $1.3 trillion sector, was relatively unchanged at 59.9 in November, down slightly from 60.1 in October.

The majority (62 percent) of responding executives believe business conditions will remain the same, while 25 percent believe business conditions will improve, down from 37.5 percent of respondents in October.

Meanwhile, 12.5 percent of those responding to the MCI-EFI survey believe business conditions will worsen, an increase from the 8 percent who responded that way in October.

About 20 percent of MCI-EFI respondents predict that in the next four months, demand for leases and loans to fund capital expenditures will increase, down from the 37.5 percent who envisioned that scenario in October.

In November, 4.2 percent of respondents evaluated the current overall U.S. economy as “excellent,” up from none in October. Nearly 96 percent assess the economy as “fair,” and none evaluate it as “poor.”

Looking forward six months out, 37.5 percent of MCI-EFI respondents in November believe U.S. economic conditions will get better, an increase from 30.4 percent in October. Less than 21 percent of respondents said they believe economic conditions will worsen, down from 30 percent in October.

“We’re anticipating a nice pickup in the fourth quarter [of 2025] as lower rates, pent-up demand, and 2025’s depreciation advantages drive renewed momentum,” says Jim DeFrank of Purchase, New York-based Isuzu Finance of America Inc.

“The equipment finance industry is well-positioned for a downturn or an economic boom,” adds Jeffry Elliott, CEO of Westlake, Ohio-based Elevex Capital and treasurer of the Equipment Leasing & Finance Association.

“The sector by nature finances equipment that is new during boom times and used during downturns, so we have a game plan in either situation. Equipment finance industry participants that have strong asset management capabilities will perform better in the downturns vs others that do not invest in that capability and talent.”

The Equipment Leasing & Finance Foundation's mission is to advance the $1.3 trillion equipment finance sector by producing data-forward research and market outlooks, as well as cultivating the next-generation workforce through Campus to Career programs.