Between 2013 and 2015, many manufacturing firms in Niagara expect to increase business and employment,according to 2013 Ipsos Reid research done on behalf of the Niagara Region Economic Development department. The telephone survey of 196 senior decision makers from manufacturing firms in Niagara was conducted June 21st to July 26th, 2013.
Research highlights include:
- Three quarters (74%) of manufacturing firm decision-makers expect their business to increase over the next three years, with one-third (34%) expecting an increase by more than 10%. This compares favorably to the one in ten decision-makers who anticipate that business will decrease (12%) or stay the same (13%).
- Looking ahead within the same time frame, more than two thirds (68%) of manufacturing firms expect to see an increase in business profitability as well as future investments in machinery and equipment (68%). Other anticipated increases include:
- Investment in facilities – 44% increase
- Size of work force in Niagara Region – 43% increase
- Investment in Research and Development – 36% increase
- Workforce training budget – 37%increase
- Four in ten (39%) project their company to increase the number of people they employ over the next 2 years, compared to fewer than one in ten (5%) who project employment to decrease and half (54%) who expect employment figures to remain stable.
- Firms are committed to innovation, research and development, and moving further into global and new markets
- Survey respondents identified a number of issues that are important to consider when expanding their business including: infrastructure, access to new technology and research, as well as government support programs (68% cite as important respectively). Other important issues include the regulatory environment (65%) and the ability to connect with high quality post-secondary institutions (52%).
Published By: Ipsos Reid
Publication Date: December 16, 2013