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More than 80% of small manufacturers impacted by COVID-19
- April 16, 2020
- News Release
- Safety
Gaithersburg, Md.-based Xometry, a marketplace for custom manufacturing, has released its Q1 Small Manufacturing Index report. The report showed that just 25% of manufacturers are optimistic about anticipated future business, compared to 45% in the second-half 2019 report. More than 80% of small manufacturers reported that COVID-19 is having an impact on their revenue.
The report also revealed that 55% of small manufacturers anticipate a decline in their business in Q1 2020, compared to just 24% who reported a decline in the previous report.
Twenty-five percent of small manufacturers plan on hiring this quarter, with 63% of manufacturers reporting that COVID-19 had an impact on hiring plans during the first quarter.
COVID-19 also has affected the industries that made up the largest share of Xometry partners’ revenue in Q1 2020. Those for which industrial machinery and automotive make up a large share of business fell 51% and 50% respectively compared to Q3 2019. Those for which the medical industry makes up a large share of business increased by 39%, with government and defense up 32% compared to Q3 2019.
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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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- Podcasting
- Podcast:
- The Fabricator Podcast
- Published:
- 04/16/2024
- Running Time:
- 63:29
In this episode of The Fabricator Podcast, Caleb Chamberlain, co-founder and CEO of OSH Cut, discusses his company’s...
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