Industrial Sector: Cutting Costs, Adjusting Projections, Seeking Growth Opportunities

Companies will continue to spend on components and services in remainder of 2009, despite underestimating negative impact of recession, GlobalSpec Industrial Indicator Survey reveals


Troy, NY — October 19, 2009 — The vast majority of organizations within the U.S. industrial sector (73 percent) have reduced spending in response to revenue shortfalls caused by the economic recession, according to a recent survey of engineering, manufacturing, technical and industrial professionals.

Yet optimism remains for a turnaround as 61 percent of those surveyed plan to spend the same or more in the second half of 2009, indicating that better times are ahead, according to GlobalSpec, reporting on its eighth annual Industrial Indicator Survey.