Anders has teamed up with the Leading Edge Alliance (LEA) to jointly release the results from the 2019 LEA National Manufacturing Outlook Survey.
For the third year, more than 350 manufacturing executives participated in the survey from a variety of industries including industrial, machining, construction, transportation and automotive, and food and beverage, among others.
Manufacturers indicated optimism about the regional economy, sector growth and increasing revenue in 2019. Technology is becoming a larger priority, with spending expected to increase on big data, business intelligence and cybersecurity.
Survey results for 2019 include:
- 48% of respondents expect their international sales to increase in 2019
- 81% expect their revenue to grow this year
- Manufacturers are more optimistic about their regional economic outlook than in 2018
- Top three priorities for 2019 are growing sales, improving profitability and addressing the workforce shortage
- More than half of survey participants cited the labor shortage as the greatest risk or barrier to growth, and 62% of manufacturers expect to increase hiring
- 62% of manufacturers plan to increase spending on technology to generate organic growth in 2019, with cybersecurity, managing ERP consolidation and predictive business analytics being the top three priorities
Despite the improved outlook, hurdles remain. Increasing raw material and labor costs, lack of available talent and greater competition are growing concerns of manufacturers going into 2019. The Anders Manufacturing and Distribution Group is here to help your company overcome these challenges and make educated financial decisions. Please contact an Anders advisor to discuss how the Manufacturing Outlook Survey results will affect your business.