The National Marine Manufacturers Association today reported in its Currents newsletter that CEOs and other top-level executives remain “overwhelmingly upbeat” in their outlook on business conditions. The data came from NMMA’s Marine CEO Sentiment Survey, which officially launched this week.
For the third quarter, 65 percent of executives said business expanded, and 31 percent said business was stable. About 80 percent reported “substantial growth in sales” for the third quarter, while 61 percent reported “modest to substantial” hiring beyond attrition.
The combination of strong sales and steady economic growth is bolstering business leaders’ positive outlooks. Seventy-one percent of manufacturers said they made “modest to substantial investments” in capital expenditures like equipment or facilities.
CEO outlooks improved in the third quarter, according to the data, compared to the second quarter, with more executives (54 percent compared to 45 percent) expecting business conditions to improve in the next six months. Fewer executives (10 percent compared to 16 percent) expected business conditions to worsen.
The report noted that “growing concerns over labor availability, rising costs of raw materials and tariffs are tempering expectations — all three of which are similarly impacting the larger manufacturing landscape and economy.”
The Marine CEO Sentiment Survey will be released each quarter. The full report is available to NMMA members.