FULLY EQUIPPED
A new report from the Equipment Leasing and Finance Foundation recently revealed that 82% of end users plan to utilize some form of financing for their equipment and software acquisitions next year. The Equipment Finance Industry Horizon Report 2024 estimates the current size of the equipment finance industry, assesses the inclination to finance private-sector equipment investment for key verticals, and forecasts end-user plans to acquire and finance equipment in 2025.
The foundation’s president, Leigh Lytle, says: “The trillion-dollar equipment finance industry has always been the backbone of capital investment, which is a critical component of the U.S. economy. This report clearly shows the extent to which businesses and other organizations rely on commercial financing.” He also states: “The industry is well-positioned to support forecasted increases in equipment and software, including innovative, high-growth areas like generative AI, equipment-as-a-service subscription-based models and climate financing. This report delivers must-have insights that will help business leaders and decision makers stay ahead of the game.”
Highlights from the report include information on equipment finance industry growth; end-user reliance on financing; increases in equipment and software acquisitions in 2025; emerging industry growth drivers and more.
To download the full report, visit leasefoundation.org/industry-research/horizon-report/.
THE TOOLBELT GENERATION…MAYBE
Research published in the latest issue of ADP Research’s quarterly “Today at Work” report found the blue-collar share of employment for workers aged 20 to 24 was 18.6% in January 2024, 2.3 percentage points larger than that of the same age group in January 2019 and 2.5 percentage points larger than that of workers 25 to 39. Falling college enrollment and rising vocational enrollment buttress the notion that Gen Z is becoming the toolbelt generation. Between 2019 and spring 2024, enrollment of bachelor’s degree students fell by 3.6% and associate’s degree enrollment fell by 15.9%. Vocational enrollment rose by 4.6% during the same time period.
However, despite this overall rising trend from 2019 to 2024, the same analysis from ADP Research found the blue-collar share of employment for these young workers has flattened since 2022. Approaching 2025, the ability for construction companies to jumpstart the recent plateau of Gen Z entering the blue-collar trades is a labor market story to watch. Leveraging technology to help make this happen could be an exciting opportunity in the new year.
For deeper analysis on this trend from ADP’s Kit Dickinson, visit constructionexec.com/article/construction-can-look-to-gen-z-and-technology-to-sustain-talent-pipeline.
