Bright Outlook Through 2019 for Manufacturing
Last month, more than 225 advanced manufacturing leaders gathered at AMT's MTForecast, the only market data conference for small and medium-sized manufacturing technology businesses, October 10-12, in Indianapolis, Indiana. (AMT – The Association For Manufacturing Technology owns and operates IMTS – The International Manufacturing Technology Show.)
Eighteen speakers presented economic forecasts, market analysis, technology trends and political forces that point to optimism and opportunity for the manufacturing industry at home and abroad through 2019.
“At MTForecast, attendees gained insight to help them develop their business plans and marketing strategies,” said Pat McGibbon, AMT Vice President – Strategic Analytics. “Two economists agreed that the economic outlook for manufacturing technology will grow between 6 percent and 12 percent in 2019. The biggest surprise is the expected 7 percent growth rate over the next five years for the aerospace industry. Uncertainty about trade remains, but tax reform and policy changes seem to be positively affecting manufacturing, though workforce challenges persist.”
A central theme reiterated throughout the presentations: advanced manufacturing around the world is a growing industry embracing technology changes, which is critical to a healthy American and world economy. The optimistic outlook aligns with the National Association of Manufacturers Outlook Survey, which reported “manufacturers’ optimism peaked this past year at 93.9 percent, the highest year average in history.”
- Business activity to remain strong through 2018, with an expected 2.9 percent GDP growth, and a 2.2 percent expected GDP growth in 2019.
- Tax cuts and fiscal stimulus are expected to encourage consumer spending and private investment.
- Machine tool (MT) orders have increased an expected 16 percent in 2018 and are projected to increase between 6 percent and 12 percent in 2019.
For more information, check out Pat McGibbon's IMTS Winter Economic Outlook webinar on Thursday, December 13, 2019, at 11 a.m., and save the date for MTForecast 2019, October 4-6, Hilton Downtown, Cleveland, Ohio.