Manufacturing economic indicators in 2024 have been all over the map. Aerospace and defense companies are growing rapidly while electric vehicle makers are stagnant or shrinking. For much of the year, manufacturers have suffered through falling orders and higher costs with a slight easing of the labor market as the sole bright spot.
How can smaller manufacturers survive or thrive in that limbo? We asked two CEOs who see large swaths of the economy – both as leaders managing their own businesses and as suppliers to much larger companies.
Joining IndustryWeek's Laura Putre were:
- Jack Schron, CEO of Jergens Inc., a maker of workholding equipment. That industry gives Schron a good view of general manufacturing and the fast-growing defense sector.
- Blair Haas, CEO of Bud Industries, a maker of electrical enclosures for various pieces of equipment. Haas said enclosures give Bud a good look into the tech industry.
Both leaders agree that recent interest rate cuts should help the economy and manufacturers, but don't expect things to turn around overnight. And, comeptition for labor isn't easing, but it is shifting a bit. Skilled workers remain difficult to find, especially maintenance professionals who have started to realize their value to the manufacturing sector after decades of being taken for granted.
