Anders and Leading Edge Alliance (LEA) are jointly releasing the results from the 2017 LEA National Manufacturing Outlook Survey. With more than 250 participants, this survey report contains the expectations and opinions of manufacturing executives in more than 20 states across the country producing a wide variety of products.
Results from the survey include:
- 74% of small manufacturers and 69% of large manufacturers expect revenue to grow in 2017.
- Manufacturers are more optimistic about their local/regional economies than the national or global economies.
- The top priority for manufacturers in 2017 is “cutting operations costs”, however, high-growth manufacturing respondents are more focused on “research and development”, with 12% of high-growth respondents reinvesting more than 10% of annual revenue.
- Labor continues to be a challenge for manufacturers with 67% of respondents expect labor costs to “increase” and an additional 7% expect labor costs to “increase significantly” in 2017.
Strategic manufacturers should have ongoing conversations with all of their advisors, including their accounting and tax provider, as to how to overcome these challenges and achieve their business goals. Please contact an Anders advisor with any questions, or learn how our Manufacturing and Distribution services can benefit your business.