The report, which forecasts manufacturing from 2020 and beyond, states that nearly 60% of U.S. manufacturers expect annual revenue growth to increase by 5% or more every year. More than 70% of manufacturers in the report expect an increase in employment over the next 5 years, – and nearly a quarter expect that increase to exceed 10%.
The report also outlines key future challenges, including market volatility and rising material costs, and priorities moving forward:
“There’s a widespread belief that U.S. manufacturing is disappearing, and that the United States doesn’t make things anymore. Such impressions are patently false. As noted in the introduction, real manufacturing output hit record highs in recent quarters, and is 75% higher than it was 25 years ago, according the U.S. Bureau of Labor Statistics… [The] future will be
characterized by even more extensive trade and movement of goods, faster information transfer and data analysis, and new technology that helps manufacturers maximize customer value and profitability.”
The Mesa County Workforce Center provides labor market information about key employment sectors in the Grand Valley. The latest industry report predicts significant job growth in Mesa County for most manufacturing occupations. Read the 2016 Q3 Manufacturing Industry Report for Mesa County here.
Photo courtesy Leitner-Poma.