New AEM Report Describes Equipment Manufacturing as “Selectively Strong”

A new report released at CONEXPO-CON/AGG 2026 finds the U.S. equipment manufacturing industry remained “selectively strong” from 2023 to 2025, with relatively flat employment and GDP growth during the period.

The study, commissioned by the Association of Equipment Manufacturers and prepared by S&P Global Market Intelligence, found the industry generated $902 billion in total sales activity in 2025 and supported 2.2 million U.S. jobs.

Direct industry employment reached 421,000 jobs in 2025. Total value added to GDP was $415 billion and total labor income reached $194 billion. Average annual pay per industry employee was $105,000.

“Equipment manufacturers build, power, and feed the world,” said Brian Bieller, Chair of AEM’s Government and Public Affairs Committee and President of BOMAG Americas, Inc. “This report underscores the scale of our industry’s footprint: we represent more than 1 in 100 U.S. jobs and 1 in 10 manufacturing jobs.”

Employment across the industry declined 0.4% between 2023 and 2025. Construction equipment manufacturing recorded 2.9% employment growth, while mining equipment grew 2.4% and agriculture equipment declined 7.6%.

The report includes state-level data showing significant employment impacts in Texas, Iowa, Wisconsin, Illinois and Ohio.