The industrial truck had a total gross domestic product (GDP) impact of $36.6 billion, on the US economy according to a survey released by The Industrial Truck Association (ITA) and conducted by Oxford Economics.
This impact supported over 257,000 jobs in 2023.
“Direct employment in the industrial truck manufacturing industry increased 32% between 2015 and 2023, more than any major manufacturing sector," said Lead Economist Dan Martin, Oxford Economics, in a statement. "The manufacturing, sales and maintenance of industrial trucks generates economic value in every U.S. state through direct manufacturing and supply-chain connectivity. The economic story of industrial trucks is very much an American story of resilience and growth.”
Key Highlights from the Report
Economic Contribution:
- In 2023, the industrial truck industry generated $36.6 billion in GDP, including $12.8 billion in direct contributions from manufacturers and dealers/distributors.
- The sector’s GDP multiplier of 2.9 indicates that for every $100 of direct GDP, an additional $190 was generated in the broader economy.
Employment Impact:
- The industry directly employed more than 68,000 workers, with manufacturing accounting for 32,000 jobs and distribution employing 37,000.
- The sector also supported an additional189,000 workers through indirect, supply-chain activities (90,000) and through induced economic activity (99,000), resulting in a total impact of more than 257,000 jobs across the U.S.
- The job multiplier of 3.8 demonstrates that for every 100 direct jobs, 280 additional jobs were created in related industries.
Tax Revenue:
- The industry contributed $8.4 billion in taxes, including $5.2 billion in federal taxes and $3.2 billion at the state and local levels. Each job supported by the sector generated approximately $32,700 in tax revenue.
Regional Impact:
- Texas, Ohio, and North Carolina led the nation in economic contributions, with Texas alone supporting 30,400 jobs, contributing $4.6 billion in GDP, and generating $890 million in tax revenue.
- States like California, Illinois, and Indiana also demonstrated significant impacts, highlighting the widespread influence of the sector across all 50 states.
Global and Domestic Market Trends:
- In 2023, over 2.1 million industrial trucks were ordered globally, with North America accounting for 249,000 units.
- The U.S. industrial truck manufacturing sector grew by 14% from 2019 to 2023, reflecting increased demand and a robust recovery from pandemic disruptions.
Workforce Supporting Veterans and Diverse Industries
The report highlights the industry’s inclusive workforce, with veterans comprising 8% of employees in the manufacturing segment, compared to just 5% across all industries. Additionally, industrial trucks serve as critical tools across sectors such as trade, transportation, business services, and manufacturing.
“I am proud to share this comprehensive report, which demonstrates how our industry contributes to America’s economic strength by generating $36.6 billion in GDP, supporting over 257,000 jobs, and contributing $8.4 billion in tax revenue.” said Brett Wood, ITA chairman of the board of directors and CEO, Toyota Material Handling North America, in a statement. “This analysis by Oxford Economics reaffirms our commitment from supply chain resilience to driving innovation and growth across the industrial truck sector—truly a cornerstone in lifting America to new heights.”
