ThomasNet.com's Industry Market Barometer Shows Positive Signs for Manufacturing

By DE Editors

ThomasNet.com's newest Industry Market Barometer (IMB) shows that manufacturers are growing, and are pushing to revitalize the American manufacturing sector by creating jobs at home, doing business with U.S. suppliers, and touting their "Made in the USA" labeling.

More than 3,700 buyers and suppliers of industrial products and services, including more than 1,600 professionals from manufacturing companies, participated in the latest IMB. The research looked at their performance during 2011, their outlook for 2012, and their growth strategies. Most of these respondents are from small and mid-sized businesses.

"Manufacturers know that they do more than sell products or provide services; they play a vital role in the growth of the American economy," said Eileen Markowitz, president of Thomas Industrial Network. "Their success is critical to the success of America. And as we can see from this report, the future is looking bright for all of us."
 
According to the report, more than half of the companies in the survey (53 percent) grew, and three-quarters of respondents (75 percent) expect their companies to grow during 2012. They attribute this growth to a wide variety of strategies, including a focus on customer retention and service, competing more aggressively in core markets, developing new/innovative products, and pursuing new business in the US and overseas.
 
According to ThomasNet.com, that level of growth is igniting a new wave of investments among manufacturers preparing to meet future demand. Manufacturers are spending on capital equipment, hardware, software and facilities in order to increase production capacity (83 percent), upgrading their plants, and developing new products/services.
 
In addition, nearly half of these manufacturers (48 percent) are hiring, with openings for line workers, skilled trade workers, and engineers. But for many manufacturers, finding skilled labor is challenging. In addition to the skilled labor shortage, manufacturers point to pricing pressures and overseas competition as challenges to growth.

Respondents are also ramping up their exports. Nearly 7 out of 10 (67 percent) are selling overseas, and more than one-third of them (37 percent) plan to increase their international sales.

For more information, visit ThomasNet.com.

Sources: Press materials received from the company and additional information gleaned from the company's website.