Since 2009, the manufacturing industry has been struggling to regain even a percentage of its prerecession strength. In 2014, however, things are beginning to look up; predictions for the year point to positive manufacturing trends, including continued job growth and an increase in spending. For manufacturing professionals, the positive predictions come as a welcome relief.
During the past several years, the manufacturing industry has seen slow growth; however, 2013 was a positive year, particularly during the latter half. In each of the last six months of the year, the industry added jobs, resulting in one of the longest growth streaks in recent years. The growth of manufacturing orders pointed to the overall strength of the economy, indicating that the country as a whole has more buying power. For people in the industry, one of the most crucial manufacturing trends for 2014 will be an increase in jobs. Assuming that the industry continues to grow at a similar rate, manufacturing professionals should see a better employment outlook.
Manufacturing innovation is expected to be one of the most visible manufacturing trends in 2014. The government has expressed its support of American manufacturing growth, particularly when it comes to technologically advanced manufacturing operations. According to a recent article in The New York Times, President Obama plans to create a manufacturing institute that will create jobs in the industry and increase opportunities for research and development. The president has also voiced his support for new manufacturing technologies, particularly those that reduce waste and improve safety.
In 2014, more companies are expected to bring manufacturing back to American shores. This shift to domestic operations is a manufacturing trend that will carry over from 2013, when businesses like Walmart and Apple decided to close down some of their international operations and build new facilities in the United States. Due to rising wages for foreign workers and increased pressure from consumers, major businesses are pledging to open plants that will benefit American workers. Ashley Furniture and Airbus have also announced plans to build new domestic facilities, and more companies are following suit.
During the last several years, when manufacturing demand fluctuated dramatically, companies began to focus on changing their supply chains. For 2014, manufacturing market analysts at IDC Manufacturing Insights predict that another major manufacturing trend will involve updated supply-chain technology that enables companies to respond quickly to changes in demand. In addition, IDC predicts that companies will shift their supply chains to include more local suppliers that can deliver materials quickly when needed.
Whether you are a factory worker or a manufacturing executive, 2014 is sure to bring change. By staying on top of the latest manufacturing trends, you can identify the best times to make effective career moves and business decisions.
(Photo courtesy of freedigitalphotos.net)
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