What Manufacturers Need to Keep Growing in 2011

Going along with my earlier blog post, “2 Lessons to Learn From Growth in U.S. Industrial Production,” I have some great news to talk about in the manufacturing industry.

Manufacturing production is expected to grow 5.7 percent in 2010 and 4.7 percent in 2011, according to Manufacturers Alliance/MAPI. This comes from the Industry Week article “Manufacturing to Grow 5.7% in 2010, Industry Group Predicts.”

These numbers are particularly impressive compared to the group’s prediction that the overall gross domestic product of the United States will increase 2.9 percent in 2010 and 2.6 percent in 2011. Manufacturing is a bright spot in a struggling economy.

Focus on High-Tech Manufacturing

Things are looking particularly good for manufacturers of high-tech equipment.

“Production in non-high-tech industries is expected to increase by 5.1% in 2010 and by 4.3% in 2011,” the article noted. “High-tech manufacturing production is anticipated to improve at a much higher rate, with impressive 14.5% growth in 2010 followed by solid 13% growth in 2011.”

Invest in New Software

Another interesting trend is for businesses to invest in new equipment and software. “The forecast for investment in equipment and software is for 14.2% growth in 2010 and for 11.6% growth in 2011,” the article said.

One type of software manufacturers should definitely invest in is QuickBooks manufacturing software. With QuickBooks, manufacturers can control their finances, and with manufacturing inventory software, they can master their warehouses. Combine the two into QuickBooks manufacturing software and you’ve got a powerful tool.

Especially with all the growth the manufacturing industry is hoping to experience, manufacturers should take advantage of QuickBooks manufacturing software to cut their carrying costs and increase efficiency. They can use the software to quickly generate work orders and bills of materials as new sales orders come in.

Give it a shot! Learn more about how you can benefit from QuickBooks manufacturing software by taking a quick tour of Fishbowl.