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Manufacturing Doubles Year-Over-Year Output in 2014

| Manufacturing

In the National Association of Manufacturers’ Monday Economic Report, Chad Moutray, chief economist at NAM, takes a look at how manufacturers ended 2014 and what’s ahead in the coming year – both challenges and opportunities.

While there was slow manufacturing production growth at the end of 2014 (manufacturing production grew 0.3 percent in December, down from the strong gain of 1.3 percent in November), manufacturers had a good year overall. Moutray reports that, “Manufacturing output increased 4.9 percent in 2014, more than doubling the 2.3 percent year-over-year pace of 2013.”

In this IndustryWeek article, Moutray exhibits some caution, saying “The slowing global economy, a still-cautious consumer, rising interest rates, a stronger dollar, and tax and regulatory uncertainty could each pose downside risks to U.S. economic growth.” On the positive side, however, “increased manufacturing outlook, the rising stock market, better housing permits data and decent growth in consumer spending” will help accelerate manufacturing production over the next two quarters to 3.2% growth.

Read the full Monday Economic Report for more manufacturing trends and highlights.

Gary Salamido
Vice President Government Affairs
North Carolina Chamber