According to a recent announcement from the SEMI Industry Research & Statistics Group, fabrication equipment production is expected to grow at least 2% over the next year, with a total growth between 25 and 27% expected throughout 2014. This is great news and proves that manufacturing is making an economic up-turn, recovering from the economic slump that hurt the industry following the 2008 collapse.
If this growth keeps on track during 2014, this could mean a record breaking growth spurt worth over $41 billion. This is great news for manufacturing companies as well as the companies that support their growth.
The sector expected to have the biggest growth is the foundry sector, with an anticipated growth rate of around 23% just in 2013, let alone what is ahead for 2014. Another big growth is expected for memory manufacturers. Although it seems small at just 1%, when compared to last year’s decline of 35% it’s certainly great news.
The construction industry is also expected to benefit with an increase in spending of around $6.6 billion or a growth of around 15%. This will also impact the entire economy since construction is typically the tipping point that is used to determine just how well the overall economy is doing. This means more jobs for Americans on the whole, as well as greater economic stability for the entire country and the global marketplace that relies on manufacturing to fuel growth.
While the SEMI Industry Research & Statistics Group is being cautious in their recent announcement, the numbers prove that there is a large improvement going on that looks to be reversing the negative numbers from the past several years. While a complete recovery will take time, companies are bouncing back and the employment market is gaining strength as well. Whether the actual growth will hit expectations remains to be seen, but it does appear as though fabrication will remain strong, and it should hit the benchmarks foreseen by SEMI.
What does this mean for engineers? This resurgence in equipment fabrication is helping to fuel to growth in several different sectors. This in turn means more job opportunities as well as more competitive pay packages for engineers. For students seeking an engineering degree, this growth spells more jobs for the future and the ability to land a job with a great company, right out of school.
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