2017 Manufacturing Outlook: What are the Main Barriers to Business Growth in 2017?July 25, 2017
Download our 2017 Manufacturing Industry Outlook Report for feedback from over 100 U.S. manufacturers on the current state of the industry.
Recently, we set out to discover what manufacturers think about the future of their industry— not only to hear what strides they have made in business this year but to hear about their pain points, too.
What barriers continue to hold them back?
- Weaker domestic economy and sales of products- Manufacturing (which accounts for 12% of the U.S. economy) is struggling with decreasing overseas demand for U.S. products, as well as the lasting effects of the dollar’s past surge (as one example, the high value of the dollar makes it more difficult to create more jobs).
- Lack of qualified workers- This has long been a problem in the manufacturing sector. Survey respondents felt that it was another hurdle for business growth. How are businesses coping? More businesses are taking advantage of apprenticeships for students, and many businesses have seen success in tackling this issue by increasing the training for existing employees and new hires.
- Rising healthcare expenses- Respondents credited this as a major issue holding them back in 2017. What exactly is the issue? Well, the cost of providing healthcare coverage for employees has been steadily rising. Under the Trump administration, there are promises for tax and health care reform, but it is unclear whether or not this will become reality.
Download our 2017 U.S. Manufacturing Outlook Report for more information on how manufacturers are coping with these setbacks, along with details on strides manufacturers have made in recent years and how these successes are furthering their growth for 2017 and beyond. Any questions? Please reach out to our Manufacturing Services Team.