Industrial Firms Say Spending Increases May Ease in Second Half of Year

But results likely to exceed '04 revenues, GlobalSpec surveys find; buyers hit suppliers for slow responses to RFIs

  • 22 percent say their companies have increased prices in 2005 compared to 16 percent in 2004

  • 55 percent believe improving production efficiencies is the top operating issue facing their company, followed closely by improving quality (52 percent), lowering raw material costs (51 percent) and speeding new product development (49 percent). Only 34 percent cite rising energy costs as a source of worry; just 20 percent say offshore competition is a key concern.

  • 47 percent say they expect to see a shortage of newly licensed engineers entering the field over the next five years.

  • 91 percent say they have used the Internet to find components and suppliers.

  • 41 percent report spending six or more hours each week on the Internet for work-related purposes

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