The Capital Stock in the Manufacturing Industry of North American Countries: An Estimate Based on the Perpetual Inventory Method with an Adjustment Factor

Abstract

In this research, the objective is to estimate the capital stock of the manufacturing industry in Mexico, the United
States, and Canada during the period 1984-2022, using the perpetual inventory method (PIM) with Almon's
(1999) adjustment factor (PIMA). In Mexico, the capital stock showed limited growth over these years, with
uctuations linked to economic and political factors—not excluding the COVID-19 pandemic—that affected
investment in the manufacturing sector. The United States experienced more robust growth in its capital stock,
driven by digitalization and the adoption of advanced technologies, which modernized production processes and
strengthened the sector's competitiveness in the face of crises such as the 2008 nancial crisis and the 2020
pandemic. In Canada's manufacturing industry, the capital stock generally tended to grow; however, between the
years of the 2008 nancial crisis and the COVID-19 pandemic, this indicator showed a signicant decline