A new report released Thursday found that the equipment manufacturing industry supported about 1.3 million jobs and contributed over $159 billion to the Gross Domestic Product (GDP) of the United States in 2016.
The Association of Equipment Manufacturers (AEM) unveiled the report as over 130,000 attendees gathered at CONEXPO-CON/AGG 2017, the industry’s premiere trade show. The report was prepared by the leading research firm IHS Markit, and details the size and reach of the three major sectors (Construction, Agriculture, and Energy) that make up the core of the equipment manufacturing industry.
The report identified a number of key findings, including:
- Equipment manufacturers supported over 1.3 million jobs in the United States in 2016, through direct, indirect and induced employment effects.
- Equipment manufacturers supported over $416 billion in sales activity in the United States in 2016, and added almost $159 to the GDP of the United States
- The top four biggest states for the equipment manufacturing industry in 2016 were: Texas, Illinois, Wisconsin and Ohio
- Equipment manufacturers generated over $25 billion in local, state and federal tax revenue in the United States in 2016
- Equipment manufacturers generated almost $87 billion in total U.S. labor income in 2016
- The equipment manufacturing industry supported about 149,000 jobs in Canada in 2016, and contributed about $15 billion (USD) to the economy of Canada
“AEM is proud to represent the men and women of the equipment manufacturing industry across our country. This new report helps to put into context the many great contributions of our industry,” says AEM President Dennis Slater. “Our industry is a core part of America’s manufacturing economy, and we are eager to continue to grow, and, hopefully with a significant investment in our infrastructure, help put millions of Americans to work.”
The full report also includes details on the key economic indicators that affect the equipment manufacturing industry, as well as forecasts for the coming years.