The region’s manufacturing industry is bullish on the U.S. economy and company growth prospects but significantly less optimistic about recently-imposed trade tariffs, according to a survey conducted by Horsham-based Kreischer Miller.

The Manufacturing Industry Group of the independent accounting, tax, and business advisory firm that serves the Greater Philadelphia and Lehigh Valley areas recently released the results of its sixth annual Greater Philadelphia Manufacturing Survey.

The survey found that a majority of Philadelphia-area manufacturing leaders hired new employees last year, and even more – nearly 65 percent – plan to do so this year.

It also reflected positive growth in employees’ paychecks: More manufacturers reported that their employees received a raise in 2017 (92 percent) than in 2016 (87 percent).

“These results are a strong indication of the continued success and growth of manufacturing in Greater Philadelphia,” said Michael A. Coakley, Director of Audit and Accounting and the leader of the Manufacturing Industry Group, which provides manufacturers with specialized accounting, tax, and advisory expertise.

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Growth-related decisions have been fueled by manufacturers’ growing confidence in both the U.S. economy and their individual company’s performance.

For examples, more than 86 percent of respondents said they were very or somewhat optimistic about the likely performance of the U.S. economy in the next 12 months – up about 20 percentage points from last year’s survey.

Also, almost half of those surveyed predict their company’s revenues will grow by more than five percent in 2018, a marked increase from the 34 percent who anticipated that level of growth in the 2017 survey.

Not all of the survey’s findings reflect such optimism, however, as most manufacturers expect to not only take a hit from new tariffs but also have difficulty find qualified workers.

Read the entire survey below or click here to download a copy.

Click here to learn more about Kreischer Miller’s accounting, tax, and business advisory services.

2018 Kreischer Miller Manufacturing Survey