The US Equipment and Leasing & Finance Foundation (ELFF), the research arm of the Equipment and Leasing & Finance Association expects investment in equipment and software to grow 4.8% in 2013, according to the third quarter update of its Economic Outlook.

The forecast marks a revision downwards from the 5.6% expected in the second quarter forecast, due to lower than expected first and second quarter growth. However, steady growth is still expected over the second half of the year.

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This year’s predicted investment growth reflects expectations of increasing performance in equipment and software investment over the second half of the year, on the back of an expected 2% rise across the US economy in 2013. This follows 4.1% growth in investment in the first quarter and a "slightly weaker" second quarter.

The study highlights several predicted trends for year-on-year growth in equipment investment, including:

– near-flat growth in agricultural equipment investment in the second half of 2013

– 5-8% growth in IT investment over the same period

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– above average growth in construction equipment investment, following 56% growth in the first six months

– 1-3% growth in industrial equipment investment across 2013

– stagnation in the medical market

– a slight upturn in the transportation equipment market following three successive quarters of slowing growth.

William Sutton, president of the Foundation and president and chief executive of ELFA, said: "In the Q3 US Economic Outlook, we have adjusted our equipment investment growth projection to reflect the current environment. With the housing and energy sectors continuing to hold strong, we still expect the second half of the year to show growth, albeit more modestly than originally anticipated."

The report, produced in partnership with consulting firm Keybridge Research, is the second part of the ELFF Annual Outlook, to be followed by one more quarterly update before the 2014 Annual Outlook is published in December.