These must-have Insider Deal household items are at unbeatable prices!Equipment enables manufacturers to create almost every modern product, from the clothes on our backs to the cars we drive.
Acquiring the latest equipment and machinery consumes more than three-quarters of American manufacturers’ annual capital budgets, Census Bureau data shows. U.S. manufacturers spent more than $135 billion on new and used equipment and machinery in 2021, according to the most recentManufacturers in Florida spent $2.8 billion on equipment in 2021, comprising 78% of their overall capital expenditures. Equipment is one of two major capital expenditure categories measured by the Census Bureau.
Florida ranked #30 among states nationally in the share of capital spending put toward equipment. Within this category, manufacturers spent $108.6 million on computers and data processing equipment and $181.1 million on trucks, cars, and other highway-capable vehicles. The rest went toward other machinery, the needs for which vary widely based on forms of manufacturing; examples might include things like tractors, forklifts, robots, and power tools.
The scale of manufacturing within a state, as well as each locale’s most prevalent industries, can impact how much companies must spend on equipment. For instance, aerospace, food, and computer/electronics were the primary manufacturing industries across several top-ranked states in the South, West, and Midwest. Within all three of these industries, automation and artificial intelligence have advanced production in recent years—in many cases requiring equipment upgrades.
These common manufacturing segments are particularly influenced by social, regulatory, and environmental factors, which also influence their tool spending. Heightened safety concerns and evolving carbon emissions regulations call for advancements in inspection, assembly, and other elements of aerospace manufacturing. The effect of climate change on crop growth, wildlife habitats, and livestock health challenges the entire food supply chain.