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Survey predicts solid revenues for midsized U.S. manufacturers through 2016
- September 27, 2016
- News Release
- Shop Management
Prime Advantage, a Chicago-based buying consortium for midsized manufacturers, has announced the findings of its 15th annual “Purchasing and Manufacturing Survey,” revealing financial projections and top procurement insights of more than 750 U.S. manufacturing companies. The results show continued optimism about revenues and employment, as well as increasing demand for flexibility and responsiveness in supply chains. Confidence in growing revenues extends into 2017, according to the study.
The survey shows that 2017 will start out strong for manufacturing, with 97 percent of Prime Advantage member companies expecting revenue to either increase or stay the same in the next 12 months. Eighty-four percent expect revenues for the remainder of 2016 to be the same or better than 2015. Among the respondents predicting growth, 58 percent indicated that new products are driving the increase. Bringing on new customers is the second most significant reason for increasing revenues, at 23 percent.
Investing in business operations has been a priority for 2016, as 86 percent of manufacturers are at or above plan for capital expenditures. Most respondents expect to continue spending; 81 percent believe capital spending will increase or remain at current levels for the balance of the year.
For the third year in a row, respondents selected a lack of qualified workers as the biggest external barrier to business growth, listed by 48 percent. An unusual political environment is creating anxiety, as 42 percent of manufacturers responded that uncertainty in the federal elections could stymie growth. Concern over legislative and regulatory pressures continues to crack the top three barriers at 35 percent, although it has become less acute each of the last three years.
Fifty-one percent of member companies have hired new employees in 2016, and 40 percent say they plan to hire before the end of 2016.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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