‘Significant Rebound’ in Optimism Among Small Manufacturers
Small manufacturers are feeling increasingly optimistic even though pandemic-related challenges remain.
Xometry, an on-demand manufacturing marketplace, said its survey findings “showed a significant rebound” in business confidence for small manufacturers, with 64% reporting they anticipated their business will grow. A year ago, Xometry found that only 25% of small manufacturers were optimistic. Indeed, this year’s optimism even exceeds the 45% of small manufacturers who said they were optimistic in the pre-pandemic days of early 2019.
“Small manufacturers are beginning to see light at the end of the COVID-19 tunnel and optimism is abundant,” said Laurence Zuriff, chief strategy officer for Xometry. “While COVID is certainly not over, manufacturers are in a position to start looking ahead, and we expect the industry to play a vital role in accelerating the American economy.”
- 46% of small manufacturers expected COVID-19 to continue to have an impact on their business for the next six months.
- 47% plan on hiring this quarter, but 50% of respondents said their ability to find skilled employees will impact their hiring plans for the next half year.
- 44% identified the rising costs of materials as their top concern. 33% said cash flow management was another main concern.
More on the Xometry Small Manufacturing Index can be found here.