U.S. manufacturing downsizing may be reversing and a third of surveyed manufacturers expect to add workers in the coming year. These were among the findings in a new survey conducted by the sponsors of the upcoming FabTech International & AWS Welding Show, including Metalform, in Chicago.
To survive what many view as the worst economic downturn since the Great Depression, 69% of manufacturers indicated they reduced their workforce, followed by delaying capital expenditures (66%), negotiating with suppliers for better deals (48%), and cutting promotional activities (37%.) The survey of 1046 past or prospective registrants of the FabTech event was conducted in late July.
However, with signs that the economy is improving, those surveyed plan to reverse downsizing — nearly one-third of those surveyed said they expect to add to their workforce in the next 12 months. Manufacturers reported an increase in demand in product as the leading factor that would prompt an increase to the workforce (78%) followed by the opportunity to upgrade workforce (7%) and the need for new skill sets (6%).
to Daily News