Over two-thirds of American manufacturers plan on making capital investments in equipment during 2017, according to a new survey of 250 manufacturing executives conducted by Leading Age Alliance (LEA Global). Among high-growth manufacturers surveyed, 77% said their companies will make capital investments this year.
The 2017 National Manufacturing Outlook and Insights report by the international association of independently-owned accounting and consulting firms found that 69% of respondents said their company is planning for capital expenditures on equipment in 2017, followed by plant expansion and modernization (38%), and computer software (37%).
While new equipment was found to be the top capital expenditures for 2017, cutting operational costs was identified as the top priority for manufacturers in the year by almost half of the respondents (47%), trailed closely by seeking new markets (46%) and long-term strategic planning (41%).
Material costs are projected to rise or increase significantly over 2017 by 50% of respondents, with labor costs forecasted to increase or increase significantly by 75% of respondants.
To view the entire survey, visit LEAGlobal.com.
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