COVID survey shows optimism among manufacturers
INDIANAPOLIS, Ind. (Inside INdiana Business) – The Indiana Manufacturers Association is conducting periodic surveys to understand how COVID-19 is affecting all areas of Indiana’s largest economic sector, manufacturing. The survey results indicate that about half of all manufacturers are optimistic about the long-term health of their businesses.
The IMA says the first survey, which was conducted in May, focused on the impact of the pandemic to finances, supply chains and customers, and their near- and long-term outlooks and is part of an ongoing effort to gauge the needs of the Indiana manufacturing community.
“The results of this Indiana manufacturing survey are further evidence of the significant negative economic impact being felt by Indiana’s industrial sector. However, the survey respondents indicated increased optimism over the next 6 to 24 months. Indiana is the most manufacturing intensive state in the country; and our Indiana businesses continue to step up and take on the challenges presented by the current pandemic,” said IMA President Brian Burton.
The IMA says the survey also found that 85% of manufacturers continued working throughout the quarantine period because of their “essential” status.
The association says product orders were negatively affected with 31% of manufacturers reporting a 50% reduction, 23% reporting a 25-50% reduction, and 28% reporting a reduction of 10-25%.
Additionally, The IMA says 5% of the survey respondents indicated significant supply chain disruptions due to the coronavirus outbreak. Seventy percent said disruptions were manageable, and 25% indicated there were no disruptions to their supply chain.
When asked about the overall financial impact, the association says 30% indicated they have experienced a significant negative impact and 62% viewed the impact as manageable.
The association says it has taken several steps to assist businesses, including webinars, promotion of Purdue MEP’s return to work guide, a supply list where manufacturers may purchase personal protective equipment and safety gear, and a resource page with links to valuable information and past webinar materials/recordings, among others.
The IMA says its June survey will focus on actions Indiana manufacturers are taking to adapt their workplaces amid health concerns surrounding the coronavirus and expects results to be released in July.