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AEM: equipment manufacturers are optimistic about 2021

Nearly 90 percent of equipment manufacturers are optimistic about 2021, according to a new survey by the Association of Equipment Manufacturers.

AEM President Dennis Slater says the equipment manufacturing industry has continued to operate and adjust to COVID-related challenges.

“Our part of the economy has done well,” he says. “When you look at agriculture especially there has been the need to get food on the table, to keep our infrastructure going in the farm industry, trade worldwide has been pretty good for it and so there are all these positive signs that I think lead to that optimism.”  

He tells Brownfield more than half of the survey respondents expect sales to increase or remain stable despite the ongoing impact of the pandemic.

“As you got into 2021 the conversation started shifting,” he says. “There is still a lot of conversation about the pandemic and employee safety, but at the same time now we’re hearing more about what our workforce challenges are and how we deal with supply chain disruptions. Those are signs of a good economy when you start having that discussion.”

Eighty percent of people surveyed say the pandemic will have a lasting impact on how we work and lead to greater emphasis on remote work, fewer in-person meetings, new technology to stay conducted, and reduced work-life balance. Nearly 70 percent say trade shows will be different moving forward, including virtual options.

The equipment manufacturing industry in the U.S. supports 2.8 million jobs and contributes about $288 billion to the economy each year.

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Audio: Dennis Slater