Sponsors of the upcoming Fabtech International & AWS Welding Show (including Metalform) in Chicago were polled about their plans for future business growth in light of the recession. The results were surprising — in a very good way.
Poll: Manufacturers detail recession survival strategies, report better conditions
Opportunities for manufacturers abound as economy improves suggests a poll by sponsors of the Fabtech International & AWS Welding Show, including Metalform, in Chicago. Sponsors are American Welding Society (AWS), Fabricators & Manufacturers Association Int’l (FMA), Society of Manufacturing Engineers (SME), and Precision Metalforming Association (PMA).
— Manufacturing Business Technology, 9/8/2009 8:02:43 PM MDT
To survive what many view as the worst economic downturn since the Great Depression, 69 percent of manufacturers indicated they reduced their workforce, followed by delaying capital expenditures (66 percent), negotiating with suppliers for better deals (48 percent) and cutting promotional activities (37 percent.) The survey asked 1,046 past or prospective registrants of Fabtech International & AWS Welding Show, including Metalform. The poll was conducted in late July.
However, with signs that the economy is currently improving, those surveyed plan to reverse downsizing — nearly one-third of those surveyed said they expect to add to their workforce in the next 12 months. Manufacturers reported an increase in demand in product as the leading factor that would prompt an increase to the workforce (78 percent) followed by the opportunity to upgrade workforce (7 percent) and the need for new skill sets (6 percent).