Industrial Growth Improving, Job Creation Increasing
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The latest Industry Market Barometer (IMB) from ThomasNet, New York, NY, USA, indicates that North America's industrial/manufacturing companies are growing, hiring, and making new investments. ThomasNet conducts a semi-annual survey of engineers, purchasing agents, owners, managers, and sales and marketing executives in the manufacturers, distributors and service companies that make up the industrial sector. The survey measures company growth and decline, as well as successful strategies and the segment outlook. The survey began tracking industrial companies, mostly small and midsized, in January 2009. More than 3,200 industry professionals participated in the latest survey.
The percentage of survey respondents reporting growth has increased from 17% for the first half of 2009 to 27% reporting growth for the second half of the year. During the first six months of this year, 45% of respondents said their businesses grew. During those same time frames, the percentage of respondents reporting a business decline has dropped from 54% to 41% to the current 19%.
Sixty percent of respondents predict growth for the rest of 2010, and 8% of those that are already growing expect it to continue. This growth is fueling the creation of new jobs, with 34% of respondents saying they plan to hire again this year.
ThomasNet found that companies are investing in technology (40%), facilities/renovations (37%) and capital equipment (36%) during the second half of this year. Survey respondents reported their top strategies for success: developing business in new U.S. geographies, developing innovative products and services, pursuing business in new industries, and increasing online marketing.
Full results of the Industry Market are available online.
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