Accelerating manufacturing growth
According to 2017-2018 projections from the Manufacturers Alliance for Productivity and Innovation (MAPI), overall growth in manufacturing should accelerate this year and grow even more in 2018, but this trend will benefit some sectors while others slow down.
Total machinery production will post growth of one percent in 2017 and three percent in 2018, MAPI projects. Commercial and service industry machinery equipment should consistently post moderate growth over the next three years.
Engine, turbine, and power transmission equipment is used for freight, natural gas transmission, marine engines, and electric power. MAPI forecasts that this sector will rebound from a decline in 2016 and post at least one percent growth in 2017 followed by a four percent jump in 2018.
Household appliance production should grow three percent in 2017 and two percent in 2018. Fabricated metals production will grow 1 percent in 2017 and two percent in 2018.
Industrial machinery is capital equipment for specific nonmetallic manufacturing industries such as woodworking, plastics, paper, textiles, printing, food products and semiconductors. MAPI projects that industrial machinery production will grow by two percent in 2017, and three percent in 2018.