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While many industrial businesses are impacted by the COVID-19 pandemic, good news for U.S. manufacturers may be on the horizon. In the recent April industry report by ThomasNet, "COVID-19 Impact on North American Manufacturing," two out of three manufacturers are looking to re-shore as production begins to pick back up. This may lead to a domestic manufacturing boom here in the United States, as companies revaluate their supply chain.
"91% believe that U.S. manufacturing can recover"
How Manufacturers are Adapting
With good news on the horizon, relief funds have proven essential for businesses to recover. ThomasNet reports that 63% of U.S. manufacturers have applied for financial assistance, such as the Paycheck Protection Program.
Despite the impact of non-essential business shut-downs, manufacturing is one of the least impacted industries. 56% of companies have not experienced layoffs and 31% are now hiring. Manufacturers have also demonstrated a strong ability to quickly adapt as demands shift. 1 in 7 companies pivoted to COVID-19-related manufacturing.
An Optimistic Outlook for Industrial Business
While the industrial sector has seen a significant jump in COVID-10 related impacts, optimism in the market's ability to adapt and recover remains strong. With 91% of respondents believing that North American manufacturing can recover, there is no shortage of optimism in the market.
“We expect Q3 to be back at near 100%, then Q4 and beyond to be above 100% of our original forecasts.”
Written by Dozuki
Dozuki is the leading Connected Worker Platform for industrial operations. Since 2011, Dozuki has helped thousands of manufacturing sites standardize processes, upskill their workforce, and capture real-time data to drive continuous improvement. With a focus on ease of use and enterprise-grade security, Dozuki is the...