In an effort to better understand the outlook manufacturers have for 2017, the challenges they face, and the strategies they believe will be most effective, we asked our manufacturing clients to participate in our first PKF Texas - National Manufacturing Outlook Survey. The following report describes that survey and the data gleaned from those respondents.
This report is part of our efforts to help you co-develop your experience with us as your trusted advisors and was conducted in association with leading accounting firms across the country.
Some of the findings from this 250-respondent survey include:
- 74% of small manufacturers and 69% of large manufacturers expect revenue to grow in 2017.
- Manufacturers are more optimistic about their local/regional economies than the national or global economies.
- The top priority for manufacturers in 2017 is "cutting operations costs", however, high-growth manufacturing respondents are more focused on "research and development", with 12% of high-growth respondents reinvesting more than 10% of annual revenue.
- Labor continues to be a challenge for manufacturers with 67% of respondents expect labor costs to "increase" and an additional 7% expecting labor costs to "increase significantly" in 2017.
Our Manufacturing team is available to discuss the findings of this survey with you. Please connect with Cindy Blanks, firstname.lastname@example.org, 713-860-1473, to schedule a meeting.