Equipment manufacturers in Canada are proving resilient despite market challenges, according to a new report from the Association of Equipment Manufacturers (AEM)
The association recently released The Economic Impact of the Canadian Equipment Manufacturing Industry. The report found that critical mineral mining and infrastructure upgrades are driving demand in Canada’s off-highway equipment sector, with industry output increasing by 11 per cent since 2022.
Commissioned by AEM and prepared by S&P Global Market Intelligence, the report quantifies the industry’s contributions to the Canadian economy across employment and income, industry output, GDP contribution and tax revenue.
“What our report does make clear is that Canada’s equipment manufacturing industry remains a major economic force and a resilient one,” said Megan Tanel, AEM’s President and CEO. “This is despite economic headwinds, including trade uncertainty, softer farm equipment demand and weakness in housing related activity.”
Alongside an 11 per cent increase in sales, employment in the heavy equipment sector grew 3.3 per cent compared to 2022. The Canadian off-highway equipment manufacturing industry generated $54 billion in total industry output, supported 147,000 jobs nationwide, about 7 per cent of Canada’s manufacturing work force, and contributed $24 billion to the Canadian GDP, representing almost 1 per cent of the total nominal GDP.
“I guess one of the most important takeaways of this report is the impact of equipment manufacturing and how it extends far beyond the factory floor,” said Yannick Montagano, President of Kubota Canada.
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