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Thu July 31, 2014
Manufacturers Optimistic About Economic Outlook
Manufacturers are increasingly bullish about the state of the economy, according to a new survey.
This study of business confidence among manufacturers was carried out by consultants McGladrey. Scott DeFilio works for the company in New Haven. He said after several years of economic struggle, "this year we see optimism, which is great." DeFilio says more than a third of companies this year described their operations as 'thriving,' rather than 'holding steady' or 'declining;' an increase on recent years.
Sixty-seven percent of manufacturers who responded expect their profits to increase in the coming 12 months, and 57 percent are looking to hire, although they cited a deficit of skilled candidates for open positions.
On the negative side, many companies are still worried about the effects of the Affordable Care Act on their operations, although DeFilio said there were regional differences. "Fifty-five percent of our respondents in the New England area see that as an impediment to growth," he said, "but nationally, 69 percent see that as an impediment to growth."
The study took a look at where manufacturers are siting their operations, and examined the trend toward bringing work back to the U.S. Almost half said they had no plans to move production. Among others, there was a balance between companies that said they’d move production overseas and those that said they’d look to bring it home.