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Most in Industrial Sector Look Set to Meet '08 Revenue Goals, but Economic Conditions Weigh
GlobalSpec Industrial Indicator Survey finds mixed results, with current year shaping up well for most companies, but uncertain outlook prompting reduced hours, spending for many
Troy, NY — September 5, 2008 — The majority of organizations within the U.S. industrial sector are on target to meet or exceed their revenue goals, but many indicate that they are reducing overall spending in 2008, according to a recent survey of engineering, manufacturing, technical and industrial professionals.
These findings were uncovered in the seventh annual "Industrial Indicator Survey" conducted by GlobalSpec, a specialized search engine, information services and e-publishing company for the engineering, industrial and technical communities.
In the survey, 81 percent of respondents stated that their company is on or ahead of revenue targets for 2008. Additionally, 60 percent indicated that their company's 2008 revenue will be ahead of 2007 revenue.
Survey results also show that companies remain committed to growing their businesses: 41 percent of respondents stated that their company has expanded sales into new markets in 2008, up from the previous year. And 32 percent of respondents revealed that they are increasing their sales and marketing spending.
While many companies are maintaining momentum and growing, current economic conditions are beginning to take a toll on some companies within the industrial sector — 41 percent of respondents said that their companies are reducing overall spending in 2008.
Energy, Healthcare Costs Still Weigh
Rising energy costs are a cause for concern among companies within the industrial sector — 49 percent of respondents indicated that it is an issue that their company is currently concerned about or focused on, with 10 percent stating that it's the biggest issue facing their company this year.
These findings were uncovered in the seventh annual "Industrial Indicator Survey" conducted by GlobalSpec, a specialized search engine, information services and e-publishing company for the engineering, industrial and technical communities.
In the survey, 81 percent of respondents stated that their company is on or ahead of revenue targets for 2008. Additionally, 60 percent indicated that their company's 2008 revenue will be ahead of 2007 revenue.
Survey results also show that companies remain committed to growing their businesses: 41 percent of respondents stated that their company has expanded sales into new markets in 2008, up from the previous year. And 32 percent of respondents revealed that they are increasing their sales and marketing spending.
While many companies are maintaining momentum and growing, current economic conditions are beginning to take a toll on some companies within the industrial sector — 41 percent of respondents said that their companies are reducing overall spending in 2008.
Energy, Healthcare Costs Still Weigh
Rising energy costs are a cause for concern among companies within the industrial sector — 49 percent of respondents indicated that it is an issue that their company is currently concerned about or focused on, with 10 percent stating that it's the biggest issue facing their company this year.
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