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Manufacturing industries expect growth in 2024

Most sectors in manufacturing anticipate an upturn in revenue for 2024, including the furniture industry. Despite a prolonged decline —with November marking the 13th consecutive month of decline—manufacturing leaders remain cautiously optimistic about the forthcoming year’s economic and business landscape.

Photo © Vladimir Timofeev |

According to the Institute for Supply Management's (ISM) semiannual economic forecast, 15 out of 18 manufacturing sectors are forecasting increased revenues for the year ahead. The report estimates a projected revenue growth of 5.6% overall, with a substantial 58% of survey respondents anticipating an uptick. Moreover, the forecast predicts a 2% increase in employment for the year.

Additionally, respondents expected a decrease in raw materials pricing pressure and foresee improved profit margins in the first half of 2024 compared to the latter half of 2023. The projections also indicate continued growth in wages, employment, as well as an expansion in both exports and imports.

In comparison to other sectors, the furniture industry foresees the most significant surge in capital expenditures for 2024. It joins 14 other sectors in reporting higher capital expenditures for the current year compared to 2022. Regarding profit margins, 32% foresee an upturn through May 2024, while 17% anticipate a decrease, with 51% expecting stability without any alterations.

There's a notable increase in optimism among respondents for the outlook of 2024. Presently, 34% of respondents hold a positive view, envisioning 2024 to surpass 2023, whereas 20% anticipate a downturn. Approximately 46% predict a status quo in the coming year.


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