Survey Results Reflect Manufacturing Sector Strength

ThomasNet.com’s latest Industry Market Barometer (IMB) survey shows manufacturers are showing strong growth, hiring aggressively, finding new markets for “made in America” products and increasingly taking work back from overseas.

 

More than 3,700 buyers and suppliers of industrial products and services, including more than 1,600 professionals from manufacturing companies, participated in the survey. Among the manufacturing respondents, 53 percent reported growth in 2011, and 75 percent expect 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.

 

The survey showed this growth is driving investing and hiring. 83 percent of respondents reported spending on capital equipment, facility upgrades and more. 48 percent reported openings for various positions. However, respondents also reported a shortage of skilled labor to fill those positions.

Manufacturers also cited pricing pressures and overseas competition as challenges to growth. According to ThomasNet, many responded to these challenges by capitalizing on America’s reputation for product quality to ramp up exports. 67 percent reported selling overseas, and 37 percent plan to increase international sales.

 

To reach new clients overseas and at home, 86 percent of respondents reported investing in online marketing this year, and 52 percent said they are increasing these investments. According to Thomasnet, many reported that their Web sites have helped find new sources of business, improve customer service and increase revenues.

 

Finally, the survey indicates that these successes have made manufacturers bullish about their own careers, with 75.5 percnet stating they would “do it all over again” if they were just starting out.

To view the full report, visit thomasnet.com/imb.