GlobalSpec, a provider of online marketing programs for companies targeting the engineering, technical and manufacturing communities, announced the availability of its newest research report, “2011 Economic Outlook Survey: Improving Conditions Present Market Opportunity for Suppliers.”
The survey results reflect economic indicators that are more optimistic than they have been in several years, with spending and sales expected to increase for a majority of companies. According to respondents, 55 percent of industrial companies anticipate sales will be up in 2011, while only 24 percent expect sales to be down. Departmental budgets also are increasing, with 30 percent of engineers and technical professionals reporting that their departments plan to increase budgets in 2011, compared to only 18 percent in 2010.
The report features the results of a comprehensive survey of more than 1,000 engineering, technical, manufacturing and industrial professionals in the United States, 54 percent of whom influence more than $50,000 in annual spending on components, equipment or services.
From 2010 to 2011, the percentage of companies spending more has increased in 24 of 28 industries, with the other four industries holding at the same level as last year. Building and construction were among the industries spending more.
The study also found that engineers are devoting more time to projects to save energy (45 percent).
Every industry will experience the same or increased spending in 2011. Of the respondents, 84 percent said they would spend the same or more for electrical and electronic components.
The study also found that the majority of engineers and technical professionals (51 percent) are working on more projects in 2011 than they did in 2010, up 9 percent from last year’s survey.
“This is the brightest economic outlook the industrial market has had in the past few years,” said Chris Chariton, senior vice president of product management and supplier marketing for GlobalSpec.