The National Marine Manufacturers Association has issued its Marine CEO Sentiment Report for the third quarter, and the takeaways are overwhelmingly positive.
A whopping 96 percent of CEOs responding reported stable or expanding business conditions as robust sales from summer are continuing into early fall.
Out of those surveyed, 72 percent said Q3 sales were up compared to Q3 of 2019, with 76 percent reporting new orders are up compared to the same time period.
And while most said that facilities are operating at normal capacity following Q1 shutdowns and ramp-ups after reopening, a large percentage —70 percent — claimed supply chain disruptions remain a challenge going into the new year.
However, a majority — 61 percent — expect conditions to improve in the next six months.
As demand for new product hasn’t seem to plateau — and manufacturers catch up on backlogs and new orders for 2020 — 55 percent of those surveyed have reported increased hiring for the quarter, with labor costs and availability remaining as obstacles.
“Optimism among marine CEOs in Q3 reached the highest levels since the survey’s inception two and a half years ago,” said NMMA senior director of business intelligence Vicky Yu in a statement. “With marine manufacturing returning to normal capacity, the increase in boat sales, and upticks in hiring, the outlook among the industry’s leaders remains upbeat, and the expectation is that business conditions will continue to improve into 2021.”
The Q3 report and past sentiment reports for 2020 can be downloaded here.