Plastics manufactures showing steady growth

Plastics manufacturing, which is the third largest manufacturing industry in the U.S., continues it's recovery from the recession, according to new reports conducted by the SPI: The Plastics Industry Trade Association.

The two new reports titled "The Definition, Size and Impact of the U.S. Plastics Industry," and "Global Business Trends, Partners, Hot Products," took a look at the industry's performances for 2012 and determined the industry is moving in the right direction. One indicator for increased optimism was job growth.

New jobs popping up regularly
The industry has been adding new jobs since 2008. The reports stated 892,00 new jobs were created among 15,949 facilities in 2012. The industry as a whole has been growing by 0.1 percent every year since 1980. Wiliam Carteaux, president and CEO of SPI, said in a statement good things are ahead for plastics manufacturers.

"Plastics continue to rank higher than the rest of the U.S. manufacturing sector's key growth areas," Carteaux said. "The industry has remained highly competitive by finding innovative solutions and efficiencies, as well as by expanding its international reach to new markets."

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Along with a steady increase in employment, manufacturing of goods also saw an improvement in 2012. Along with investing $9.6 billion in new capital equipment, plastics manufactures produced $373 billion in goods in 2012.

Continuing trend
Plastics manufacturers were also treated well in 2013. Shipments for the third quarter of 2013 increased 20 percent from the second quarter, according to the Committee on Equipment Statistics of the Society of the Plastics Industry. This activity is also a 12 percent gain from the third quarter of 2012. These shipments included plastic equipment, which is comprised of machinery for injection molding, extrusion, blow molding and thermoforming. Bill Wood, a plastics market economist, said the industry is on the rise and should be prosperous in 2014.

"These data indicate that the recovery in the plastics machinery sector remains intact, and it may even be gaining momentum," Wood said. "The national level data suggest that the economy has yet to hit the sweet spot of the capital expenditure phase of the current recovery. This could start to happen as early as 2014, and when it does it should result in even stronger gains for the plastics machinery sector."