US asset finance research body the Equipment Leasing and Finance Foundation (ELFF) has predicted equipment and software investment will grow 3.3% in 2013.

Although investment slowed in the second quarter, according to the fourth-quarter update to the ELFF 2013 Equipment Leasing & Finance US Economic Outlook, the Foundation expects "modest improvement" in the second half of the year.

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The report predicts 1.7% US economic growth in 2013, with equipment and software growth slowing from 3.1% in the first quarter to 1% in the second quarter, but expected annual growth of 3.3% across the year.

Average growth of between 0% and 3% is expected for IT investment, while second-quarter growth of 38% in construction equipment investment is expected to decelerate rapidly in the next half-year.

The agriculture equipment sector is expected to remain weak quarter-to-quarter, but may show some annual growth in the second half of 2013 due to poor performance over the same period in 2012.

Industrial equipment investment grew 1.4% year-on-year over the second quarter, a trend which is expected to gather pace in the second half of 2013, while transportation equipment investment is expected to grow between 2% and 5% year-on-year, and little to no growth is expected in the medical equipment sector.

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William Sutton, president of the ELFF and president and chief executive of the Equipment Leasing and Finance Association, said: "Equipment and software investment in 2013 continues to look like a tale of two halves, with slower growth in the first half of the year and modest improvement forecast for the second half. However, an atmosphere of uncertainty prevails, spurred by current fiscal policy debates, including the looming debt-ceiling fight, and a stubbornly tepid U.S. and global economy."