The recent economic downturn hit businesses across the United States, but thanks to the ingenuity and resilience that we’ve always been famed for, our country’s economy is showing signs of growth once more. Manufacturing is speeding up, and exporters are sending our products across the globe. Air tools are playing a central part in this growth, but other sectors are also doing their bit. The fastener industry is one such sector that’s showing increased activity and profitability, and fastener distributors in NYC and beyond are looking forward to a brighter future than ever. Here are some facts and figures taken from the latest study into the state of the fastener trade in America.
Strong Levels Of Fastener Consumption
When industry is on the rise, and production is up, then fasteners are sure to be in demand. That’s because fasteners are a vital part of the manufacturing process, whether they’re screws, bolts, or threaded rods. In fact, US consumption of fasteners is currently estimated to be around $12 – 13 billion.
Exporting Our Expertise
Some export markets have been hit by mass production and cheaper wages in the developing world, but the fastener distributors of NYC have seen a sharp rise in demand for their products from overseas markets. The fastener export market is now worth more than $3 billion. Many of these have gone to Europe, where the dollar is very competitive against the euro currency, but it isn’t solely because of the price. Businesses worldwide realize the high quality of fasteners made in the United States.
Global Demand Continues To Grow
Economies across the planet have been hit by financial difficulties in recent years, but despite this confidence in the fastener industry remains strong. Economic forecasters and industry insiders predict that global demand for fasteners will soon exceed $80 billion per year. Much of this demand will come from developing countries, who are becoming increasingly industrialized. Fastener distributors in NYC will be targeting these markets, as well as traditional markets at home and in Europe.
Plant Utilization On The Rise
A sure sign that things are looking rosier on the fiscal front is that manufacturing plants are running much closer to full capacity again. This is certainly happening in the world of fastener production. The latest projections forecast that plant utilization will be around 73%, marking a rise of nearly 10% on previous years.
There’s room for future growth as well. Manufacturers and fastener distributors in NYC and across the United States say that they could increase production and sales, if they had a larger trained workforce available. As the industry continues to grow, it will find it easier to attract new workers, thus leading to greater capacity and greater competitiveness. It seems as if the fastener industry could be making a major contribution to our nation’s financial recovery.
