Total manufacturing output will increase 5.5 percent in 2011 and 4.6 percent in 2012, according to a forecast by the Manufacturers Alliance – the MAPI U.S. Industrial Outlook. We haven’t seen this kind of growth since 2007, before the recession started.
Manufacturing increased by 4 percent in the fourth quarter of 2010, thanks to rising demand from both consumers and businesses. The two biggest industries that grew in Q4 2010 were industrial machinery and oil and gas drilling equipment, with an increase of 49 percent and 37 percent, respectively.
High-tech manufacturing will probably enjoy the hottest growth in the next two years, rising almost four times faster than non-high-tech manufacturing. Based on the MAPI forecast, high-tech manufacturing will jump 14 percent this year and 15 percent in 2012. Non-high-tech manufacturing, meanwhile, will hold steady with 4-percent growth in both of those years.
This is all great news for manufacturers. Hiring is beginning to pick up as manufacturers strive to keep up with the added production requirements. In addition to hiring more workers, another smart strategy to keep your production lines running efficiently is to use manufacturing inventory software.
With manufacturing inventory software, manufacturers can optimize their warehouses to speed up the manufacturing process, use barcodes and barcode scanners to quickly scan products in and out, and automatically generate bills of materials and work orders. It saves time and cuts costs by taking on many of the inventory management tasks that used to take you away from growing your business.
Get a free trial of manufacturing inventory software today to make sure you ride the wave of growth coming your way in the next two years.