More than half of U.S. equipment manufacturers believe the COVID-19 pandemic has had a very negative impact on the industry, according to a survey released by the Association of Equipment Manufacturers.
In addition, eight out of ten executives say the federal government should prioritize a significant investment in the nation’s infrastructure to help equipment manufacturers weather the crisis and help rebuild the economy. The survey was in the field from April 16 to 27, 2020.
Seven out of ten surveyed experienced a moderately negative impact on their supply chain, while a quarter said the impact has been very negative.
Four out of ten said they expect the outlook for the next 30 days to get worse and said they plan to lower their financial outlook for the same period by more than 30 percent.
Finally, nine out of ten cited a decline in demand for equipment as the primary impact of the COVID-19 pandemic on their business.