2018 Another Optimistic Year for U.S. Manufacturers

Posted on 01.11.18

2018 Another Optimistic Year for U.S. Manufacturers

With a 75% increase in participation in the second year of reporting, the 2018 National Manufacturing Outlook and Insights Survey proves its value to U.S. manufacturers containing the expectations and opinions of manufacturing executives from across the country producing a wide variety of products including industrial/machining, transportation/automotive, construction, food and beverage, and other products. The results of this survey include 2018 top priorities, opportunities and challenges, operational focus and growth strategies.

Results from the survey include:

  • 81% of manufacturers believe their revenue will increase in 2018, with 72% eyeing organic growth in the U.S. as their primary opportunity to increase sales.
  • Manufacturers are more optimistic about the regional and national economy than the global economy, yet notably the optimism rating for all three has increased by more than 10 points since the 2017 outlook.
  • 62% of manufacturers expect their sectors to grow, more than doubling the 2017 outlook; food and beverage and construction materials cite the highest optimism for sector growth.
  • Manufacturers’ top three priorities are growing sales, cutting costs, and addressing the talent gap.
  • As in past years, labor remains a significant challenge. More than half of survey participants cited the labor shortage as the greatest risk or barrier to growth, and more than half of manufacturers expect to increase hiring.
  • Respondents plan to utilize technology to reduce risks and build a competitive advantage; 75% said that they will investigate/prioritize cybersecurity in 2018, and 50% will investigate/prioritize Big Data/ERP/IoT.
“Growing sales, attracting and retaining talent, cutting costs, and utilizing technology to reduce risk and build a competitive advantage still remain critically important priorities for manufacturers in 2018.” said Gary Wallace, Keiter Partner. “We hope these findings provide you some insightful questions to ask and strategic ideas to evaluate around these topics, ultimately helping you grow your business and achieve your goals,” Wallace added.

Read full survey: 2018 U.S. Manufacturing Outlook Survey

For more accounting news and insights related to the Manufacturing industry, view our blog.

Questions on the survey? Contact us. We can help.
Gary G. Wallace, CPA | 804.565.6025 | gwallace@keitercpa.com

 

Additional Resources:

New Revenue Recognition Standard: Manufacturing, Distribution, and Retail Industry Changes 

The marketplace has changed. What can your business do to stay competitive?

Manufacturing Business Insights: “Why sales tax compliance is important”


About Keiter
Keiter was founded in 1978 and provides a full range of financial services to entrepreneurial minded businesses and their owners.  Keiter has over 160 employees and is the largest, local independent accounting firm in Richmond.  Keiter has developed specialized expertise in serving the manufacturing, real estate, construction, and financial services industries, as well as not-for-profit entities.  Our manufacturing industry team partners with over 50 local and national manufacturing clients to provide accounting insights and opportunities specific to their industry. For more information Keiter, please visit our website. www.keitercpa.com

About LEA Global
Founded in 1999, LEA Global is the second largest international association in the world, creating a high-quality alliance of 226 firms focused on accounting, financial and business advisory services. LEA Global firms operate in 110 countries, giving clients of LEA Global firms access to the knowledge, skills and experience of over 2,313 experts and nearly 21,355 staff members.

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

Posted by: Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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