Carmel, Indiana based Blue & Co., LLC and St. Charles, Illinois based Leading Edge Alliance (LEA Global) jointly released the results from the 2019 National Manufacturing Outlook Survey.
For 2019, manufacturers expressed significant optimism for overcoming hurdles. Looking ahead, manufacturers expect raw materials, labor costs, lack of available talent, and competition to be significant challenges in 2019. The tariffs implemented by President Trump provide productivity issues; however, an increase in spending on big data and business intelligence deliver innovative technology for minimizing productivity concerns.
Priorities for 2019 focus on growing sales, improving profitability, and addressing a workforce shortage. The challenge of gaining a competitive advantage remains critically important.
Additional survey results for 2019 include:
- 48% expect international sales will increase in 2019 for their company.
- 81% expect revenue will grow in 2019.
- 31% will increase spending on technology in 2019 to increase productivity and efficiency, reduce operating costs, and improve quality, consistency, and offering. Survey participants also mentioned that they will be investigating and prioritizing developments in cybersecurity, ERP consolidation, and predictive business analytics/big data/and the Internet of Things.
- 43% name the workforce shortage as a top priority for 2019 and plan to address this by increasing hiring while also increasing wages and training.
Across the board, manufacturers are optimistic about the regional economy, sector growth, and increasing revenue expectations in 2019. In all aspects of business — technology will lead the charge.
To download the full National Manufacturing Outlook Survey, visit https://www.blueandco.com/2019-manufacturing-survey/.
About Blue and Co.
- Blue & Co., LLC is an independent accounting and advisory firm with more than 400 people in 10 offices across Indiana, Ohio, and Kentucky. With almost 50 years of experience, Blue & Co.’s public accounting expertise includes the practice areas of assurance, tax compliance and consulting, healthcare consulting, benefit plan services, valuation and litigation support, and business services. Its industry specializations include manufacturing & distribution, healthcare, construction, nonprofit, technology, financial services organizations, and agribusiness.
- For more information, please visit blueandco.com.
About LEA Global
Founded in 1999, LEA Global is the second largest international association in the world, creating a high-quality alliance of 220 firms focused on accounting, financial and business advisory services. LEA Global firms operate in 107 countries, giving clients of LEA Global firms access to the knowledge, skills and experience of over 2,000 experts and nearly 23,000 staff members.