The Equipment Leasing and Finance Association on Tuesday, Sept. 25, announced that its Monthly Leasing and Finance Index, which reports economic activity for the $628 billion equipment finance sector, showed overall new business volume for August was $6.9 billion, up 21 percent from volume of $5.7 billion in the same period in 2011.

Volume was up 5 percent from the previous month, and year-to-date cumulative new business volume increased 16 percent, ELFA said.

“The pace of new equipment financing continued throughout the summer months as the housing sector, for one, showed signs of a rebound,” said William Sutton, ELFA president and chief executive officer. “However, businesses, both large and small, continue to build up cash reserves, indicating lingering apprehension over increasing energy prices, instability in the Arab world and a still fragile Eurozone economy.”