Vermont Business Magazine The Vermont Chamber of Commerce and NPI have completed the second annual survey gauging trends driving Vermont-based manufacturers at the Manufactured in Vermont Supply Chain Conference & Trade Show last week. The results projected that 66% of the businesses will perform well above average in the coming year. This is up from 51% the previous year and led to 35% responding that they plan to make large investments in technology and equipment in the next year with 78% saying they receive above average returns from these technology investments.
Vermont Chamber Vice President of Business Development Chris Carrigan said, “We are pleased that the Vermont manufacturing sector is making the capital investments needed to keep on the cutting edge of world-class manufacturing and contribute to economic growth in our state.”
The survey showed 61% of the respondents indicated they extensively use advanced manufacturing techniques and technology which was showcased by the over 500 participants in the Manufactured in Vermont trade show last week.
John Burton, President of NPI, mentioned, “Events like the recent Vermont Chamber Manufactured in Vermont trade show provide a great way for advanced manufacturing firms to network with their supply chain partners to grow business and overcome challenges.”
The survey also asked businesses about their obstacles to growth with 61% indicating that the top challenge to growth is attracting and retaining a quality workforce, 46% were concerned about global economics and 39% about rising health costs.
More Survey Results
The survey was conducted starting on September 1 and, concluded on September 24 at the Vermont Chamber of Commerce Manufactured in Vermont Supply Chain Conference and Trade Show at the Champlain Valley Exposition in Essex Junction.
66% indicated that their business will perform above average in the coming 12 months, only 4% said that their business will perform below average.
Regarding current issues in manufacturing, 63% of the respondents are somewhat or very concerned about the negative impact of a proposed carbon tax on growth. 29% of the survey respondents have not tapped the full potential of the Vermont statewide business community to help grow their businesses while 24% have used the local business community to increase growth.
Regarding manufacturing and business investments, 78% have had above average returns from their investments in technology. 35% plan to make large investments in technology and equipment while 47% will make an average-sized investment in the coming 12 months.
Trade Show Results
The Vermont Chamber’s Manufactured in Vermont Supply Chain Conference & Trade Show delivered strong results, featuring:
· 90 Exhibitors from Vermont, New England and Canada
· Over 600 participants
· More than 400 B2B Meetings for Contacts to Contracts
· 14 Buyers from out-of-state manufacturers, such as Boeing, Siemens Healthcare, Raytheon and Textron Systems
· 25 Canadian companies to enhance the Vermont – Quebec Aerospace Trade Corridor
Boeing, Siemens Healthcare, Raytheon and Textron Systems topped the list of out-of-state companies representing the aerospace, aviation, defense, naval, and medical device industries. With over 400 meetings, these companies had the opportunity to engage and consider adding Vermont manufacturers to their supply chain, contributing to the economic growth of the state.
The Vermont Chamber also hosted a high-level aerospace roundtable with partner Aero Montreal, as well as 25 Canadian companies in support of its work to build a U.S.-Canadian Aerospace Corridor, linking Vermont’s $2 billion aerospace and aviation cluster with a $22 billion Canadian aerospace industry for cross-border contacts and contracts. This is part of the vision of the Memo of Understanding between the Vermont Chamber and AeroMontreal signed in 2013.
In its third year, Manufactured in Vermont attracts attendees from the Northeast region and as far away as Arizona, California, Texas, and Florida. Attendees network with industry peers, meet buyers and suppliers on the trade show floor, connect with employers, attend industry workshops, and see new product innovations and experience dynamic exhibits.
About the Vermont Chamber
The largest statewide business organization, the Vermont Chamber of Commerce represents every industry sector with a mission to create an economic climate conducive to business growth and the preservation of the Vermont quality of life.
About NPI
NPI links business and financial goals to technology performance for maximum returns. NPI assists Vermont companies with technology management services such as forecasting, budgeting, implementation strategies and risk mitigation as well as ongoing technology management and support.
Source: September 29, 2015 – The Vermont Chamber of Commerce