Eight out of 10 U.S. manufacturers expect to grow sales this year according to the 2019 National Manufacturing Survey Report prepared by our partner, Leading Edge Alliance (LEA), a global association of 220 accounting and consulting firms.
“Across the board, manufacturers are optimistic about the regional economy, sector growth, and increasing revenue expectations in 2019,” the report states. “Looking ahead, manufacturers expect raw materials, labor costs, lack of available talent and competition to be significant hurdles in 2019. The tariffs implemented by President Trump provide productivity issues; however, an increase in spending on Big Data and business intelligence are delivering innovative technology for minimizing productivity concerns.”
More than 350 manufacturing executives participated in the survey, which includes respondents who produce industrial/machining; transportation/automotive; construction; food and beverage; and other products.
2019 Survey Highlights
- Growth: 81% expect increase in revenue for 2019, and 61% expect their overall sector to expand in 2019.
- Economy: Optimism for the regional, national and global economies increased by more than 12% since 2017.
- Priorities: Growing sales, improving profitability and address workforce shortage.
- Challenges: Most manufacturers (52%) cited labor/talent as their greatest barrier to growth followed by competition (34%) and profitability (25%).
What are the top growth strategies Manufactures plan to leverage in 2019? Download the complete Manufacturing Outlook and Insights report below.
Are you looking to leverage technology to improve efficiencies in your manufacturing business? Need help with growth strategies? Contact your MarksNelson professional at 816-743-7700 and make the smart move forward.