According to a recent survey conducted by KLR one of the largest accounting firms in New England, manufacturers are largely positive about where their industry is heading. KLR discovered that more than half of New England manufacturing executives expect continued revenue growth in 2017. Their survey revealed that manufacturers expect growth in both existing markets and in new innovative products and services.
Despite this positive outlook, there are certain barriers continuing to hold businesses back. Although companies expect growth this year and beyond, the surveyed manufacturers also reported a variety of challenges that could threaten this growth. This includes the skilled labor shortage, weakening domestic demand, and rising healthcare costs.
How are manufacturers coping with these challenges? By adjusting their priorities. Though the report reveals that Forty-seven percent of the surveyed companies expect operating costs to increase in the coming year, roughly 40 % of companies also said cutting operating costs was a top priority for 2017 and beyond.
Read more about the 2017 manufacturing outlook and beyond, and how they plan to tackle continued obstacles by downloading KLR’s 2017 Industry Outlook Report.
The report covers insights on:
- Tax reform and its potential impact on the manufacturing industry
- Industry growth expectations for the next 12 months
- A comparison of opportunities for revenue growth in 2016 vs. 2017
- Top technology strategies, business drivers, and more!
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