A new series of quarterly forecast updates from Oxford Economics is now available on the NFPA website at Global Industry Forecasts. These reports cover the global economy, as well as regional and country developments, and some detailed global industry forecasts.
The good news! Oxford has revised their forecasts for late 2023 and 2024, reducing the magnitude of the expected slowdown for the US, with the industrial economy starting 2024 slowly and gaining momentum later in 2024…for an overall flat 2024 outlook. Manufacturing growth areas globally are in China (+5%) and (+3%). In terms of manufacturing sectors, some bright spots according to Oxford will be aerospace (+6% globally), pharmaceuticals (+4.3%), and electronics manufacturing (+3.9%).
Regarding the US, Oxford also indicates “new construction in manufacturing is at a decades-high, driven by sectors targeted by legislation” such as “semiconductors, electric vehicles and green tech that will persist in the coming years.”
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