The manufacturing industry has experienced exponential growth over the past eight years. Yet recent reports indicate that a potential recession may be imminent. To get a better grasp on how manufacturers are preparing to navigate an increasingly uncertain future, we surveyed top executives in the industry. Let’s take a deep dive into what the key trends in the industry are and what manufacturers are doing to ensure they don’t get left behind in 2020.
In keeping with the topic of growth, one of the first questions asked was how these organizations felt their growth rate was in comparison to the industry growth rate of 3.9% annually.
Q. In 2019, indicators predict the manufacturing industry growth rate at 3.9% annually. How does your organization’s expected growth rate compare to this average?
Survey results showed that 29% of respondents are anticipating their growth to be in line with 3.9% and one-third of the manufacturers surveyed expect their growth rate to be higher than the manufacturing industry’s projected average.
What does this mean? It means that expectations in the manufacturing industry are somewhat optimistic. However, in 2018 the projected growth rate was 6.6%, which was significantly higher than 2019. With this newly projected growth rate for 2020 manufacturers still have an overall positive outlook on their business growth.