Slower manufacturing production expected in 1998

Growth in the manufacturing sector will slow in 1998, but most industries will still record solid output gains. As the year progresses, inventories will accumulate a bit more as growth in new orders and export demand weakens.

01/01/1998


Growth in the manufacturing sector will slow in 1998, but most industries will still record solid output gains. As the year progresses, inventories will accumulate a bit more as growth in new orders and export demand weakens. Most of the specific industry sectors that will grow at well-above-average rates are "high tech" in nature -- computers, aircraft, electronic components, communication equipment, etc.

American manufacturing has enjoyed a full renaissance this decade, largely on the strength of the dramatic surge in capital investment since 1992. Long-term captial investments in productivity enhancing, efficiency-improving equipment and buildings have led to a sharp improvement in global competitiveness. And, for most sectors, the business investments that were made during the past 5 yr should allow productivity and production gains to continue unabated through the balance of this century.

Industrial production in manufacturing has grown solidly since the last recession ended in the spring of 1991. Annual growth for this cycle peaked in 1994, with an overall manufacturing output gain of 5.5%. Following more subdued growth in 1995 and 1996, preliminary estimates show that overall industrial production increased by about 5.1% in 1997. In 1998, production will continue to outpace the overall economy with a 3.4% gain.

Key manufacturing market indicators(Annual change, %*)

1997 1998

Industrial production 5.1 3.4

Shipments 5.5 4.1

Inventories 3.1 3.2

New orders 5.2 3.8

Employment 0.2 -0.9

*1997 estimated; 1998 forecasted by Reed Elsevier Business Economics





No comments
Consulting-Specifying Engineer's Product of the Year (POY) contest is the premier award for new products in the HVAC, fire, electrical, and...
Consulting-Specifying Engineer magazine is dedicated to encouraging and recognizing the most talented young individuals...
The MEP Giants program lists the top mechanical, electrical, plumbing, and fire protection engineering firms in the United States.
2014 Product of the Year finalists: Vote now; Boiler systems; Indirect cooling; Integrating lighting, HVAC
High-performance buildings; Building envelope and integration; Electrical, HVAC system integration; Smoke control systems; Using BAS for M&V
Pressure piping systems: Designing with ASME; Lab ventilation; Lighting controls; Reduce energy use with VFDs
Case Study Database

Case Study Database

Get more exposure for your case study by uploading it to the Consulting-Specifying Engineer case study database, where end-users can identify relevant solutions and explore what the experts are doing to effectively implement a variety of technology and productivity related projects.

These case studies provide examples of how knowledgeable solution providers have used technology, processes and people to create effective and successful implementations in real-world situations. Case studies can be completed by filling out a simple online form where you can outline the project title, abstract, and full story in 1500 words or less; upload photos, videos and a logo.

Click here to visit the Case Study Database and upload your case study.

Protecting standby generators for mission critical facilities; Selecting energy-efficient transformers; Integrating power monitoring systems; Mitigating harmonics in electrical systems
Commissioning electrical systems in mission critical facilities; Anticipating the Smart Grid; Mitigating arc flash hazards in medium-voltage switchgear; Comparing generator sizing software
Integrating BAS, electrical systems; Electrical system flexibility; Hospital electrical distribution; Electrical system grounding
As brand protection manager for Eaton’s Electrical Sector, Tom Grace oversees counterfeit awareness...
Amara Rozgus is chief editor and content manager of Consulting-Specifier Engineer magazine.
IEEE power industry experts bring their combined experience in the electrical power industry...
Michael Heinsdorf, P.E., LEED AP, CDT is an Engineering Specification Writer at ARCOM MasterSpec.