Of the 18 manufacturing industries the ISM tracks, 15 reported growth in June, including Furniture & Related Products, Nonmetallic Mineral Products, Fabricated Metal, Computer & Electronic Products and Transportation Equipment.
In addition, in the 2014 McGladrey Manufacturing and Distribution Monitor, data show that small and mid-sized manufacturers are optimistic about near-term growth, and a majority of survey respondents plan to add a “significant number of jobs” as the market improves.
The report notes the following positive findings:
McGladrey also is seeing a significant drop in the number of companies expecting to cut employees for the first time in several years. “This suggests that the influence of the economic downturn may truly be waning,” Karen Kurek, national industrial products practice leader for McGladrey said in a public statement.
In May, New York state Comptroller Thomas DiNapoli reported that manufacturing jobs in Brooklyn were growing at twice the rate of the rest of the New York City area. His report, according to Crain’s, showed significant increases in both food and apparel manufacturing.
On a more somber note, McGladrey also uncovered several concerns among manufacturers, specifically with regard to regulatory and tax issues.
Is your manufacturing business growing? Tell us what’s driving the growth in the comment section below.
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