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US manufacturing companies optimistic over the recent economic slowdown

Professionals from manufacturing companies are not only optimistic about their ability to ride through the recent economic slowdown, but even expect to grow in 2009 as the economy shows signs of a rebound.

Among the 800 executives, managers and engineers from small, midsize and large companies responding to ThomasNet's Industry Market Barometer survey, 76 per cent say they think the US economy will improve by the second quarter of 2010 or sooner, and 35 per cent expect their own businesses to grow by the end of this year.

However, more than half (54 per cent) reported a decline in their businesses during the first half of 2009, mostly fuelled by customer losses. The majority (61 per cent) do not see the Federal Stimulus Package as being helpful to their businesses. 

Nearly three quarters (70 per cent) are instituting new sales tactics, specifically: looking for business in new industries such as medical or aerospace, exploring new sales channels like distributors, and increasing their online marketing. In order to more than just survive - but succeed - 38 per cent are developing new and innovative products.
"The leaders of today's industrial marketplace are demonstrating classic American ingenuity," said Eileen Markowitz, president of ThomasNet.

"The buyers and sellers of industrial products and services are taking matters into their own hands to design their futures and rebuild market share. They're also savvy enough not to go it alone-bringing in experts to help with online sales strategies, for instance, while they focus on their core strengths."
US manufacturing companies optimistic over the recent economic slowdown