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How Does 2019 Look for the Manufacturing Industry?

by | Feb 8, 2019 | Tax and Accounting Desk

The results are in! The report of the third annual National Manufacturing Outlook and Insights Survey with Leading Edge Alliance (LEA Global) has been published and released.

The survey was conducted in association with leading accounting firms across the country, and the report benefits our clients as part of our ongoing efforts to help co-develop the client experience with us as trusted advisors.

Over 350 manufacturers participated in this year’s survey, providing their expectations, predictions and opinions for 2019. Located in over 20 states and Canada, the participants produce a wide variety of product, including machine/industrial, automotive/transportation, food and beverage, textiles, construction and more.

Results from the survey include:

  • The top 3 priorities for 2019 are growing sales, improving profitability and addressing workforce shortage.
  • More than 60% of manufacturers expect their sector to expand in 2019
  • Organic growth in the U.S., new product development and strategic alliances provide greatest opportunity for business in 2019.
  • The major hurdles for the year are increased raw material costs from new tariffs, rising labor costs due to inflation, lack of available talent and increased competition.

For the full report, visit www.PKFTexas.com/Manufacturing.

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