The Commerce Department reported Wednesday that durable goods orders fell 4.2% in March, the biggest decline in three years, although that was mostly driven by a drop in demand for aircraft. Meanwhile, large manufacturers including 3M, United Technologies and Caterpillar reported last week that sales are increasing, especially in the U.S.

John McQueen, head of Wells Fargo's equipment finance division, said in a statement that banks started to see increased demand and reduced portfolio delinquency in the equipment finance market in the fourth quarter of 2010, and that demand stemmed from replacing aging equipment and companies seeking operational efficiency.

McQueen notes those trends have continued into 2012, with Wells experiencing "11.5% year-over-year volume growth, a 17% backlog increase, strong transactional spreads, and continued portfolio quality improvement."

Petta says that the index covers equipment lease financing across a wide range of industries, and that so far evidence of business growth and expansion is limited to specific pockets, such as construction companies and companies engaged in transporting commodities.

"The rail market is doing very well because the economy is improving," he says. "A lot more coal and grain is being shipped, so we're finding investment in assets in those types of sectors."

Another positive trend in the survey, Petta says, is that credit approvals have remained relatively high, dipping slightly to 78% in March from 79% the month before. More than 66% of respondents reported submitting more transactions for approval in March, up from 62% in February.

Companies often lease equipment rather than tie up capital by buying equipment. ELFA's members include the lease financing subsidiaries of banks as well as nonbank financial companies and the captive financing arms of major nonfinancial corporations.