Last week the Association of Equipment Manufacturers (AEM) released its business outlook survey saying that agricultural machinery manufacturers predict overall U.S. business to close out 2010 with 2.4% growth, then gain 3.7% in 2011.
In 2010 they predict growth of 2.4%, followed by 2013 growth of 3%.
AEM is the North American-based international trade group representing the off-road equipment manufacturing industry.
Canadian business overall is expected to be 4.1% higher in 2010 than the previous year, but then flatten out, down 0.5% in 2011, up 1% in 2012 and up 1.5% in 2013.
Industry business to the rest of the world is expected to increase the most through 2013 -- up 2.8% in 2010, followed by 7.6% growth in 2011 and gains of 6.9% in 2012 and 5.9% in 2013.
The survey asked respondents to rank how several factors would influence sales. Positive commodity prices were a key factor as well as strong export sales. Credit availability to finance purchases remains a concern as are steel prices.
"While there has been a recession, agriculture has been fortunate to have powered through, showing positive signs in most areas. I emphasize most, because some have struggled along with other economic sectors. Those serving consumers more directly and those in the dairy industry coping with volatile milk prices have certainly faced difficulties. But for the most part, agriculture has remained in good shape," stated AEM's Charlie O'Brien, vice president, agricultural sector.
O'Brien emphasized that export sales have been a bright spot for U.S. companies, helping to create and support jobs for American workers. "Especially in the current economy, Congress needs to help our farmers and manufacturers by acting on export agreements such as the ones with Korea, Colombia and Panama," he stated.