This press release was issued on July 15, 2020
New York, N.Y. - July 15, 2020 – Thomas, the leader in product sourcing, supplier selection, and marketing solutions for industry, today released the results of its latest survey canvassing North American manufacturing and industrial sectors. This installment in the Thomas Industrial Survey Series generated insights from 746 North American manufacturing and industrial suppliers to identify the major trends stemming from the global pandemic as the industrial sector pivots its supply chains and tactics to prepare for the new industrial landscape.
A key survey finding shows the value of apprenticeship programs in combating the skills gap – 26% of companies surveyed have adopted such programs and industries that have done so were overall less impacted by the lack of available skilled labor.
The survey also indicated that while 91% of manufacturers are confident the industry will recover, many predict it will take months to several years to earn back the lost revenue.
"Manufacturing and industrial companies continue to demonstrate remarkable innovation and resilience to overcome the challenges brought on by COVID-19. Our latest survey shows interest in reshoring acceleration”, said Thomas President and CEO Tony Uphoff. “As companies work to adapt and implement the most impactful practices to support the industrial economy, the survey also shows expanding interest in automation, pivoting supply chains, and addressing the labor shortage. Clearly North American manufacturing is strategically adapting to this new era of industry.”
Additional key findings include:
METHODOLOGY
The study was conducted online using Qualtrics. Participating suppliers are mostly OEMs and custom manufacturers from a variety of industrial sectors with revenues spanning from less than $4.9 million to over $500 million. The Thomas Industrial Survey series was initially launched in February 2020 as a response to the COVID-19 outbreak and garnered a total of 4,653 respondents with 3,452 qualified responses. Click here to get a copy of the Thomas Industrial Survey report.
About Thomas' COVID-19 Response
Thomas has launched a three-part COVID-19 Response in light of the global pandemic. First, the Thomas COVID-19 Resource Hub provides mission-critical, real-time information and important updates to keep industrial business leaders up to date. Second, a new industrial sourcing filter on Thomasnet.com identifies suppliers with readily available products and service capabilities as COVID-19 Response Suppliers; over 2,500 suppliers are now included in this group. Finally, Thomas is facilitating partnerships between manufacturing companies to keep industrial businesses moving forward during this time.
About Thomas
Thomas provides actionable information, data, analysis, and tools that align with and support today's industrial buying process. Its solutions include the Thomas Network at Thomasnet.com®, industry's largest and most active buyer/supplier network. Through Thomas Marketing Services, the company provides full-service industrial marketing programs and website development. Thomas Product Data Solutions helps manufacturers connect with design engineers through advanced CAD/BIM and data syndication services. Thomas Industrial Data supplies sourcing and supply chain trend data to media, investors, analysts, and researchers to provide market insight and inform decision making. Thomas WebTrax® provides opportunity intelligence on in-market buyers to help marketing and sales teams track, identify and engage high-value prospects. Thomas Insights delivers original content to help marketers and supply chain professionals inform their decision-making, through leading titles including Inbound Logistics®, Thomas Industry Update, Industrial Equipment News® (IEN®), and the Thomas Index™.
Contacts:
Media
Alex Kofsky
Rita Lieberman
rlieberman@thomasnet.com