Forklift Industry Economic Powerhouse: Report Shows $36.6 Billion U.S. GDP Contribution

Forklift industry economic impact reaches $36.6 billion, supporting over 257,000 U.S. jobs
Industrial truck sector proves key to supply chain resilience, innovation, and job creation
WASHINGTON, D.C. — Released in March, a new report from the Industrial Truck Association (ITA) and Oxford Economics reveals the striking economic footprint of the U.S. forklift and industrial truck sector. With a $36.6 billion gross domestic product (GDP) contribution and more than 257,000 jobs supported in 2023, the powered industrial truck industry has shown itself to be a major pillar in the national economy.

Forklift industry economic impact highlights wide-scale value
The study illustrates how deeply integrated industrial trucks are across American industry, from warehouses and logistics hubs to manufacturing floors and retail operations. In total, the sector contributed $12.8 billion directly through manufacturing and distribution, with a multiplier effect generating an additional $23.8 billion in wider economic activity.

The report also detailed a job multiplier of 3.8. For every 100 people directly employed by industrial truck manufacturers and dealers, another 280 jobs are supported indirectly through supply chains and induced economic activity.

The industry also significantly contributes to U.S. tax revenues, with $8.4 billion generated last year: $5.2 billion federally and $3.2 billion across state and local governments. Each job tied to the sector yielded an estimated $32,700 in taxes.