High Tech Spending to Spur Manufacturing Growth this Year and Next

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.