The manufacturing industry has seen a lot of growth lately. In fact, U.S. production in November measured by the Institute for Supply Management increased from 56.4 to 57.3, the fastest expansion since April 2011. In the U.S., manufacturing is on the rise and is expected to continue on that path as 2014 progresses. The following are a few trends that are likely helping to fuel manufacturing demand:
1. Business returning from China. This has been seen a lot over the last year alone. Businesses are beginning to bring projects back to the U.S. from overseas. In fact, here at Swiss Precision Machining, we’re seeing more new projects that we haven’t seen in a while, a lot of which involve the launching of new medical devices. We’re also working on a new product for a musical instrument. It’s a lot of work up front, but the return down the road will be terrific.
2. More “real time” endeavors. With businesses moving at a much faster pace compared to years ago, it translates to increased rapid prototyping and profitable short-term engagements.
3. Rise of the project economy. These short-term engagements mean more projects, which therefore means not being tied down to a just one customer or product but rather multiple ones, something that’s become more frequent over time.
4. Easier access to data. Analytics are available thanks to companies such as IBM. These companies gladly offer a wide range of tools and technology that include measuring profits, productivity and capacity, all of which have only helped the manufacturing industry.