This report highlights the importance of the industry to the US economy in terms of jobs, wages, tax revenue, and GDP, and quantifies the economic contribution of industrial truck manufacturing and its support services in the US.
By Industrial Truck Association & Oxford Economics
July 14, 2017
Industrial truck manufacturing is a vital and growing industry in America.
The sector’s ability to offer a variety of products and services to all types of customers is evidenced by the geographic distribution and economic contribution to all 50 states.
In fact, BLS estimates that there are nearly 540,000 industrial truck operators employed in the US across hundreds of different industries.
The use of industrial trucks is essential to virtually every supply chain in every industry, making them indispensable to the economy.
Not only do industrial truck manufacturers produce these vital pieces of equipment; they also provide additional support services such as retail, leasing, and rental operations; distribution and logistics; and training, maintenance, and repair services that generate additional economic value throughout the economy.
In total, industrial truck manufacturers support employment of nearly 209,600 workers in the US and generate over $25.7 billion in economic activity.
This economic activity is greatest in the Great Lakes states that are facing declining employing in the manufacturing industry as a whole.
Moreover, growth in the industrial truck manufacturing sector has exceeded the US average and will continue to support employment and economic activity throughout the country.
Industrial Truck Manufacturing and Dealership Gross Value Added Impact by State
The Purpose of This Study
Demand for forklifts, other industrial trucks, and associated services exists in every state throughout the US. While data on units produced, sold, and imported is readily available, an analysis of the economic contribution that industrial truck manufacturing makes to the US economy and individual states has not previously been undertaken.
To address this, the Industrial Truck Association commissioned Oxford Economics to conduct research, analysis, and impact modeling to clearly quantify the economic contribution of industrial truck manufacturing and its support services in the US. This report highlights the importance of the industry to the US economy in terms of jobs, wages, tax revenue, and GDP.
For this study, the industrial truck sector includes manufacturing activities, management, dealers, and leasing and finance activities related to the manufacture, sale, and distribution of industrial trucks. Oxford Economics quantified the economic contribution nationally and by state using an economic impact analysis - as described in the following box.