The Association of Equipment Manufacturers (AEM) released its latest report on the economic impact of the U.S. equipment manufacturing industry during CONEXPO-CON/AGG 2026 in Las Vegas.
Prepared by S&P Global Market Intelligence, the triennial report examines the industry’s economic contributions, including jobs supported, sales activity, GDP impact, labor income and tax revenue.
According to the report, the U.S. off-highway equipment manufacturing industry generated $902 billion in total sales activity in 2025 and supported approximately 2.2 million jobs nationwide. The industry contributed about $415 billion to U.S. GDP, representing roughly 1.4% of nominal GDP, and generated $194 billion in total labor income.
The report also found that average annual pay in the industry reached $105,000 for the first time. Industry activity generated an estimated $55 billion in combined federal and state and local tax revenue.
Employment trends across the industry were relatively flat over the past three years. After direct employment grew 3.2% in 2023, it declined by 1.6% in 2024 and 1.8% in 2025.
Among sectors, construction equipment manufacturing recorded the strongest growth, with direct employment increasing 2.9%. Mining equipment manufacturing saw employment rise 2.4%, while agriculture equipment manufacturing employment declined 7.6%.
The report also highlighted the industry’s footprint across the country. States with the largest employment impacts include Texas, Iowa, Wisconsin, Illinois and Ohio, reflecting the concentration of manufacturing and supply-chain activity in those regions.
