Outlook survey reports industrial sector more optimistic in 2010

GlobalSpec, a leading specialized search engine, information resource, e-publishing and online events company for the engineering, industrial and technical communities, on May 5 announced the availability of its newest research report, “2010 Economic Outlook Survey: How Industrial Companies can Succeed in the Current Economy.” The report features the results of a comprehensive survey of more than 2,000 engineering, technical, manufacturing and industrial professionals in the United States; 55 percent of whom influence more than $50,000 in annual spending on components, equipment or services.

The survey results show a prognosis for 2010 that is much more optimistic than it was a year ago, with spending and sales expected to increase. According to respondents, 47 percent of industrial companies anticipate sales will be up in 2010, while only 26 percent expect sales to be down. These results demonstrate a significant positive economic trend over last year, when 56 percent said that economic conditions would lead to sales being down.

Other highlights from the 2010 Economic Outlook Survey results include:

• The majority of companies are spending the same or more in 2010 than in 2009 in every category of products, components, and services.
• Every industry will experience increased spending in 2010. In both mechanical components and manufacturing equipment, spending will increase 9 percent over last year.
• A slight improvement in departmental budgets over the previous year, with 18 percent reporting an increased budget for 2010, compared with 14 percent reporting an increase last year.
• 42 percent of engineers and technical professionals are working on more projects in 2010 than they did in 2009.
• The three top areas where companies will be devoting time and effort in 2010 are entering new markets, new product design & development, and researching future projects.
• Semiconductor & Electronic Components and Automotive—two of the hardest hit industries in 2009—are expected to improve in 2010.

“I am encouraged by the results of the survey,” said Chris Chariton, vice president of marketing services and product management for GlobalSpec. “Although the results are optimistic, suppliers are still under pressure to optimize marketing resources and achieve a strong return. They must be smart and competitive, carefully choose target markets, and maintain online marketing frequency where there is the greatest opportunity. We encourage suppliers to apply what was learned during the downturn - what customers are seeking, how to reach them, and how to adjust messaging to get their attention.”

For a copy of “2010 Economic Outlook Survey: How Industrial Companies can Succeed in the Current Economy,” visit: http://www.globalspec.com/wp/2010_EconomicOutlook_PR.