US equipment manufacturing sees pockets of strength
The industry generated $902 billion in total sales activity in 2025
U.S. off-highway equipment manufacturing remained steady but uneven from 2023 through 2025, with construction equipment emerging as the most resilient segment.
The industry generated $902 billion in total sales activity in 2025 and supported 2.2 million U.S. jobs, including 421,000 direct positions, according to a new report from the Association of Equipment Manufacturers, released today at CONEXPO-CON/AGG 2026. The triennial study, prepared by S&P Global Market Intelligence, aligns with the expo’s launch.
The sector contributed $415 billion in value added to U.S. gross domestic product (GDP), or about 1.4% of nominal GDP, and produced $194 billion in labor income, according to the release. Average annual pay reached $105,000 per employee, while industry-supported activity generated $55 billion in federal, state and local tax revenue.
Despite strong growth in 2023, overall employment and sales activity each declined 0.4% over the three-year period, according to the release. Direct employment rose 3.2% in 2023 before falling 1.6% in 2024 and 1.8% in 2025.
Construction equipment manufacturing posted 2.9% direct employment growth from 2023 to 2025, including 6.4% growth in 2023, according to the release. Mining equipment employment grew 2.4%, while agriculture equipment employment declined 7.6%.
The findings point to stable but segment-specific demand, with construction-related assets showing relative strength, according to the release. The largest employment impacts were in Texas, Iowa, Wisconsin, Illinois and Ohio, underscoring the industry’s concentration in key manufacturing and supply-chain states.
The fourth annual Equipment Finance Connect at the C. Baldwin in Houston May 18-19 is the only event that brings together the equipment industry to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
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