The US manufacturing sector comprises 290,000 companies with annual revenue of $5.5 trillion. We service all manufacturing companies across all sectors including food and beverages, chemicals, metals, textiles, products, power, utilities, renewables, machinery, equipment, computers, and electronics. 2020 has been a difficult year for the US manufacturing sector, which contracted by 6.5%. The Pandemic slowed production, forced shutdowns, canceled orders, and caused a significant dip in manufacturing employment levels.
TRENDS & CHALLENGES
Globalization has opened the market frontiers to manufacturing, creating both opportunities and challenges for US manufacturers. While the manufacturing of high volume low-cost goods has generally moved overseas, US manufacturers are still excelling in the delivery of technical and specialized manufactured goods. Managing far-flung supply chains and distribution channels poses persistent challenges. Meanwhile, improved operational efficiency has accelerated product development, design, production, distribution, and marketing, while shortening the sales cycle.
Even before the Pandemic, the manufacturing industry was trying to regain momentum from a general exodus to lower-cost markets. Looking ahead to 2021, the recovery may take longer than expected, with a moderate growth forecasted at 3.5%.
Agility is key to the resilience of the manufacturing industry. Opportunities lie in its transformation: digital investment, supply chain resilience, agility in its operations, and adaptation to the new workplace.
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Disclosure: These key performance indicators are based on industry averages for a company with $10 million in revenue. The KPIs are not specific to the operational performance of your company or your sub-sector.
The information contained has been obtained from different sources deemed reliable, including DealStats, Deloitte, Dun & Bradstreet, and Business Reference Guide. Pacifica Business Brokers, Inc. does not make any representation or warranty as to the accuracy of the data. PBB is a mergers and acquisitions (M&A) advisor and business broker.