Organizations within the U.S. industrial sector are spending and the majority are on target to meet or exceed their revenue goals, according to a recent survey of manufacturing, technical and industrial professionals. These findings were presented in the sixth annual Industrial Indicator Survey conducted by GlobalSpec, a specialized search engine, information services and e-publishing company for the engineering, industrial and technical communities.
Sixty-nine percent of respondents indicated that their company’s actual revenue would be higher in 2007 than 2006, while 79% reported that projected 2007 revenue is on or ahead of target. Additionally, 82% of respondents reported that spending in the second half of 2007 will be ahead of or equal to spending in the first half of the year.
• 54% named raw material costs as a top concern, up from 47% in 2006;
• 45% are concerned about or focused on rising energy costs, up from 40% in 2006;
• 33% reported working more hours than last year, and 53% are working on more projects;
• 68% outsource at least some engineering work, a slight increase;
Results of the survey also reveal that companies within the industrial sector continue to innovate and diversify their offerings. Forty percent of companies are expanding sales into new markets in 2007, as compared to 35% in 2006. And 37% are increasing product lines, up from 31% in 2006.
“The survey results indicate that 2007 is shaping up as a good year in the industrial sector,” says GlobalSpec Chief Sales and Marketing Officer Angela Hribar. “Marketers looking to capitalize on this momentum should focus on making investments that capture the demand in the marketplace. By promoting their product and service portfolios to a broader audience in new markets, and by adopting online marketing solutions that help them easily be found by customers and prospects, companies have a good opportunity to gain business and strengthen their position in the marketplace.”
Additional findings from the GlobalSpec Sixth Annual Industrial Indicator Survey include: can be found at www.globalspec.com/wp/GS_IndustrialIndicator_0807.