New York State Manufacturing Is Growing Rapidly
Randy Wolken, President & CEO
Have you seen the latest Empire State Manufacturing Survey? If not, you should read it. In July, manufacturing grew at a record-setting pace. (Click here for July’s overview.) Nearly all indicators from the survey point to a robust recovery of manufacturing for New York State. This is exciting and welcome news following the deep declines as a result of the pandemic.
Consider the surge in manufacturing activity reported in July. The general business conditions rose to a record high. Half of the respondents indicated that conditions had improved, with only seven percent reporting conditions had worsened. New orders, shipments, and unfilled orders rose significantly. This is excellent news pointing to a robust recovery and an opportunity for manufacturing to continue to surge in New York State.
Prices rose as well. Manufacturers are reporting the ability to pass on price increases to their customers. One area that declined was delivery time, indicating a need to increase inventories and search for geographically closer and more reliable suppliers.
This activity indicates a resurgence in US manufacturing which has been sorely needed for our economic well-being and the world’s economic growth. A strong, growing US with its focus on free and fair trade and solid democratic principles is vital. With its government-fueled economy and its lack of human rights, China must not be the country leading the world recovery. We see this more clearly now than at any time in our history. For the US (and the world) to thrive, the US and its democratic allies must be strong economically.
We are poised for an amazing surge in manufacturing in our region, state, and country. The US remains the best place to make products in the long term. Our technology leadership, advanced manufacturing approaches, and focus on innovation give us the right platform to recapture our role as the world’s leading innovator and manufacturing country. Let’s not miss this moment. It is so vital to our world, communities, and our families.
At MACNY, we are poised to help you be successful. We have transformed our operations during this pandemic to serve you better. We offer our services virtually as well as in person. We are your partner for making great products in New York State. Please let us know how we can help you be even more successful. We are excited about your future success and the future of manufacturing throughout New York State.