ATLANTA, GA--(Marketwire - Mar 6, 2013) - MFG.com, the world's largest online manufacturing marketplace, announced the results of their latest MFGWatch survey. The MFGWatch survey targeted 8,840 sourcing professionals throughout North America with respondents from an array of industries, including automotive, aerospace, medical, industrial equipment, consumer products and textiles. Overall, the results report that 2013 is going to be a year of growth, with many product development companies expecting to make new technology investments and expand their supplier base.
With 76 percent of survey respondents expecting to spend the same or more on contract manufacturing services this year, manufacturers can look positively at the future. Additionally, more than half of the participants reported that they expanded their supply chain in 2012 and 80 percent expect to maintain or expand their supply chain in 2013.
Quality of products is by far the leading criteria for selecting a new supplier, as indicated by 84 percent of respondents. Overall cost is also a major factor, but falls in second by 28 percent. This result, combined with the responses to a reshoring question in the survey, clearly indicates that many companies are looking into supply chain alternatives that don't require them to compromise on product quality in order to reduce costs.
"The most recent MFGWatch sourcing survey tells us that the manufacturing industry in North America is continuing to rebuild itself," said Mitch Free, founder and CEO of MFG.com. "It is no surprise that quality of products is the top concern for sourcing professionals selecting a new supplier. Product quality over total cost continues to be the new norm, which is a really good thing for manufacturers. Furthermore, a projection of increased technology investments will contribute to the continuing growth of North American manufacturing."
Download the complete MFGWatch survey report here.
MFG.com is the largest online marketplace for the manufacturing industry, facilitating interaction between buyers and manufacturers. MFG.com enables sourcing professionals and engineers to quickly and easily locate quality suppliers for CNC Machining, Injection Molding, Metal Stamping, Metal Fabrication and many other processes through an easy-to-use online marketplace. With more than $115 billion in RFQs passing through the marketplace, MFG.com has helped thousands of manufacturers -- ranging from small machine shops to large conglomerates -- increase sales and grow profits. MFG.com is a global business, with offices in the U.S., Europe, Asia and Mexico. For more information, go to: www.mfg.com.
MFG.com created the MFGWatch survey to provide economists, manufacturing and non-manufacturing professionals with a snapshot of the North American manufacturing ecosystem. MFGWatch is based on separate but correlative input from the buyers in MFG.com's online manufacturing marketplace. MFGWatch is designed to be a barometer of manufacturing trends.