Illinois manufacturers have several reasons to be upbeat about the economy. They are healthier and more likely to grow in the near future than ones in most other states. While there are certainly some concerns about the future, Illinois manufacturers are, for the most part, optimistic about their ability to make it through any challenges.
Above the National Average
Here are the nitty-gritty details. A recent study by a company called RSM McGladrey Inc. found that:
- 52 percent of Illinois manufacturers are growing; that’s significantly higher than the 44 percent of manufacturers across the country that say they are growing.
- 64 percent of Illinois manufacturers plan to hire new employees in the next 12 months; 58 percent of nationwide manufacturers plan to do the same.
- 54 percent of Illinois manufacturers plan to boost inventory levels in the next 12 months, compared to 46 percent nationally.
Pessimism Persists
Manufacturers nationwide are getting more worried about the economy. Sixty percent of them said they’re pessimistic about what will happen in the future, which is a big increase from 38 percent just six months ago.
The reason why so many manufacturers are pessimistic isn’t so much because of what’s happening right now, but because of what might happen soon. Their top concerns are weakening demand, increasing inflation, and new government regulations. All of these things are out of their hands, and this feeling of powerlessness could cause problems down the road.
How to Be Optimistic
To combat these concerns, manufacturers can use Fishbowl’s manufacturing inventory software to keep costs down and plan for the future. With Fishbowl Manufacturing, you can keep track of changes in customers’ buying habits, find ways to cut expenses, and optimize inventory levels. No matter which state you’re in, you can be more optimistic about your chances of success when you use the right tools.
QuickBooks Manufacturing Blog 