Midsized manufacturers are expected to continue growing in 2014, according to Prime Advantage's annual CFO Survey.
The Prime Advantage Survey asks the CFOs of manufacturing businesses their top concerns for the current year and their financial projections. Overall, the participants of the survey responded they're optimistic about growth because of an increase in hiring, capital and research investments.
Of the respondents, 65 percent said they were more optimistic about the financial prospects of their company this year than last. From the survey, 89 percent of CFO's rated their optimism as moderate to high regarding their companies' financial prospects. This is an increase from 72 percent in 2013. Also, 72 percent of CFOs reported plans to invest in new hardware and software technology.
In regards to the U.S. economy, 65 percent said they were more optimistic about growth in 2014 than they had been last year. Almost all of the respondents (97 percent) thought U.S. manufacturing would expand or at least remain stable. Last year, 56 percent believed the U.S. economy would expand and 96 percent believed it would at least remain the same.
It can be difficult to recruit skilled employees for manufacturing jobs. Companies should partner with manufacturing recruiters to find the best employees who can help expand business.