The Association of Equipment Manufacturers (AEM) says that production in the U.S. agriculture, mining and construction sectors represented by its members has returned to pre-pandemic levels and continues to grow. As reported in a recent issue of International Industrial Vehicle Technology magazine, in 2022 equipment manufacturing employment grew by 4.2 percent, out pacing the 3.8 percent growth for all manufacturing.
According to the AEM, part of this performance is attributed to the industry’s historical resilience during difficult economic times. But it’s also evidence that global supply chains may be returning to more normal conditions. The article points out that the Federal Reserve Bank of New York’s Global Supply Chain Pressure Index peaked in November 2021 but was just below its historical average in February 2023.
While the overall picture remains optimistic, the AEM cautions that low inventories and widespread labour shortages continue to offer challenges to the industry.
Reporting says a slowing economy saw sales decline by 21 percent in 2024.
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