Forty-seven percent of industrial companies anticipate sales will be up in 2010, while only 26 percent expect sales to be down, marking a note of optimism that starkly contrasts sentiment in the industrial sector in 2009, according to a report by GlobalSpec, titled “2010 Economic Outlook Survey: How Industrial Companies can Succeed in the Current Economy.” The report features the results of a survey of more than 2,000 engineering, technical, manufacturing and industrial professionals in the United States; 55 percent of whom influence more than $50,000 in annual spending on components, equipment or services, according to GlobalSpec.
The survey results show a prognosis for 2010 that is much more optimistic than it was a year ago, with spending and sales expected to increase. According to respondents, these results demonstrate a significant positive economic trend over last year, which was a much more pessimistic time with 56 percent predicting economic conditions would lead to sales being down.
Other highlights from the 2010 Economic Outlook Survey results include:
The majority of companies are spending the same or more in 2010 than in 2009 in every category of products, components, and services.
- Every industry will experience increased spending in 2010. In both mechanical components and manufacturing equipment, spending will increase 9 percent over last year.
- A slight improvement in departmental budgets over the previous year, with 18 percent reporting an increased budget for 2010, compared with 14 percent reporting an increase last year.
- 42 percent of engineers and technical professionals are working on more projects in 2010 than they did in 2009.
- The three top areas where companies will be devoting time and effort in 2010 are entering new markets, new product design & development, and researching future projects.
- Semiconductor & Electronic Components and Automotive — two of the hardest hit industries in 2009 — are expected to improve in 2010.
For a copy of “2010 Economic Outlook Survey: How Industrial Companies can Succeed in the Current Economy,” visit: