According to industry group Manufacturers Alliance for Productivity and Innovation (MAPI), manufacturing will grow faster than the overall U.S. economy. Manufacturing production will increase 3.2% in 2014 and 4.0% in 2015.
The fastest growth in the manufacturing sector will be among high-tech companies, which accounts for about 5% of all manufacturing. The sector is expected to grow 6.8% in 2014 and 7.2% in 2015.
Production in non-high-tech manufacturing industries should increase by 2.9% in 2014 and 3.8% in 2015, MAPI predicted.
Industrial equipment expenditures to advance 8.4% in 2014 and 10.9% in 2015. The outlook for spending on transportation equipment is for growth of 5.6% in 2014 and 4.1% in 2015. Spending on nonresidential structures is anticipated to improve by 3.5% in 2014 and 3.9% in 2015.
More about what sectors within manufacturing will see growth at IndustryWeek.
IndustryWeek is an NED companion site within Penton’s Manufacturing & Supply Chain Group.