Most Canadian manufacturers see significant economic turnaround in 2010
Almost half of Canada's manufacturing sector expects to see a significant economic turnaround in early to mid-2010, while about 19% forecast better times late next year.
This is according to a recent manufacturing survey by MFG.com, the largest global sourcing marketplace for manufacturers, the Excellence in Manufacturing Consortium and Manufacturing Automation magazine.
The survey, conducted in September, drew responses from 331 Canadian companies in an array of industries, including automotive, aerospace, energy, industrial equipment, chemicals and textiles. Almost 25% of respondents forecast a significant rebound in mid-2010, with more than 22% looking to early next year. Almost 19 percent predicted late 2010.
Those figures compare to almost 20% of companies that see a turnaround by the end of this year. Only 15% predicted 2011 or later.
Survey results also indicate an industry shifting to more reliance on the Internet. More than half of the manufacturers surveyed, almost 52%, said they expect their customers over the next two to three years to increasingly use online tools to conduct business.
“Manufacturing is one of the last industries to embrace the Internet,” said Mitch Free, founder and CEO of MFG.com, “but this survey validates the trend of more buyers and suppliers using online tools to find a good match in each other. It’s a highly fragmented industry working harder and smarter than ever for competitive advantages. Online sourcing can help get products to market faster, at higher levels of quality and profitability.”