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U.S. Manufacturing Projections for 2014
With 2014 now in full swing, what can U.S. manufacturers expect this year? According to a survey by the Institute for Supply Management, U.S. manufactures can expect to see stronger sales in the year ahead. Optimism appears to be high for the first half of the year, and even higher for the second half. Many manufacturing companies also expect to add to their workforce, with projected employment increasing by about 2.4% in the sector.
A recent report released by the U.S. Conference of Mayors found similar results, citing metropolitan areas as leading the recovery effort.
In the Midwest in particular, construction-related manufacturing is expected to pick up to meet growing demand for commercial building and infrastructure development. The nonresidential building industry is projected to grow by about 7%. All of this building requires up-to-date machinery and equipment, as well as an efficient logistical system. Roads and bridges will need to be maintained to accommodate the flow of traffic, and reliable freight vehicles are needed to transport supplies to and from the job-site.
All of this activity promotes additional manufacturing, distribution, and hiring within the industrial sector. And the consumer-side of things continues to pick up as well, with more Americans buying new cars and homes. This in turn is driving supporting industries including metalwork and material suppliers, furniture manufacturing, and all of the machine tools involved in the production of these products.
Overall, we’re seeing a trend toward manufacturing growth in 2014, and we’re excited to be a part of that American manufacturing resurgence.
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Tags: Institute for Supply Management Manufacturing Survey, ISM Manufacturing Industry Forecast, Manufacturing Industry Growth in 2014, Optimism for U.S. Manufacturing Sector, U.S. Manufacturing Projections for 2014