"We are pleased there is growth in the overall economy and surprisingly strong growth in manufacturing," says Manufacturers Alliance/MAPI chief economist Daniel J. Meckstroth. "Yet by historical standards it is still modest compared to recoveries from past recessions."
According to Meckstroth, manufacturing production growth will grow faster than the general economy next year. While the former is expected to decline 11.3% this year, it is projected to rise 4.6% next year and 6% the year after. "An inventory swing in the goods producing sector is a major reason for the acceleration in manufacturing production," he explains. "We expect manufacturing growth to be led by high technology products, semiconductors and computers."
The organization expects production in non-high-tech industries to decline 11.3% this year but increase 2.3% next year and 5.8% the year after. The computers and electronics products sector will also see a drop-off this year, declining by 9.4%. But it is projected to improve markedly next year, showing 15.9%, followed by an even more robust 17.5% in '11.
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