Manufacturing Economic Outlook
At the recent IMTS Winter Economic Update webinar, AMT VP-Strategic Analytics Pat McGibbon discussed the forecast for the manufacturing industry through 2019. With notable projects in all business sectors, economic indicators trending high, and increased consumer demand for durable goods, 2018 finished strong for manufacturing, and the first half of 2019 will continue to grow at lower levels than 2018. He points out that uncertainty over trade is likely to impact economic growth in 2019.
Business sectors with a strong influence on the manufacturing industry include automotive, aerospace, medical, off-road/agriculture/construction, and energy & power generation.
All sectors are above 70 percent of their capacity utilization with energy and power leading at 82.5 percent and off-road/agriculture/construction with the lowest at 71.3 percent. The Industrial Production Index for these sectors is above 90, except off-road/agriculture/construction at 80.3. Automotive is leading at 131.8. All sectors have notable building projects with most taking place in the Southeast region of the United States