Ag Equipment Manufacturers Still Struggling with COVID-19
Tractor and implement makers continue to struggle to regain economic momentum through the coronavirus crisis.
The Association of Equipment Manufacturers is still adjusting to challenging and changing economic conditions. Roughly 75 percent of U.S. equipment manufacturers say the impact of COVID-19 on the overall economy is still very negative. As many as 60 percent of industry executives say that the federal government hasn’t done enough to support the industry as it continues to face a decline in demand and supply chain disruptions.
“COVID-19 continues to negatively impact equipment manufacturers and the 2.8 million men and women in our industry,” says Dennis Slater, President of AEM. “We have seen some improvements to the operations and financial outlook for our member companies. However, the industry still faces a long road back to normal.”
Slater says even as the industry continues to build, feed, and power the country, there are far too many of the member companies running out of time. Many equipment executives say they’re still struggling to keep workers on the job, with 80 percent of them admitting they won’t be able to rehire workers laid off earlier in the year.
AEM represents 12 percent of the U.S. manufacturing sector.