American manufacturing is poised to make a comeback, with recent promising figures pointing to an upward trend, according to the Industry Market Barometer (IMB), published by ThomasNet last month. The industry needs to get ready to leverage this potential growth or growth will likely falter.
“We are seeing American manufacturing make a comeback,” Rita Lieberman, director, marketing communications at ThomasNet told EBN in an interview. “This year, companies are growing and hiring. For them to move ahead with this, they have to have all the fundamentals in place.”
In the coming year, manufacturing is likely to grow, as manufacturers hire more employees, build up their products and services portfolios, and invest in growth, the survey, which polled 490 small and midsized manufacturers, said. The report, which is in its seventh year, found that manufacturers are drawing more business out of existing accounts, which boosts average account value, and also are selling both domestically and overseas.
Worker talent may be the biggest uphill challenge for many of these organizations. “The pipeline of workers today is dominated by baby boomers who are retiring with no succession plan,” said Lieberman. “[As an industry,] we are looking for millennials to meet current and future demand and to bring them in.”
Click on the slideshow below to explore the detailed findings.
— Hailey Lynne McKeefry, Editor in Chief, EBN