Three-year outlook calls for growth
Economic conditions to slow this year, pick up in 2021-2022, material handling industry report says.
Material handling industry professionals can expect a tough few quarters ahead, as U.S. industrial activity and business-to-business spending are expected to reach a trough around mid-2020. But the longer term outlook is more upbeat, with conditions expected to improve in 2021 and into 2022.
That's according to a quarterly three-year economic forecast from the Material Handling Equipment Distributors Association (MHEDA), released this month. The members-only report points to slowing conditions through mid-year this year followed by an industrial sector rise in 2021 and into 2022. Looking at material handling equipment in particular, the forecast calls for new orders to stagnate in mid-2020 and then rise into early 2022.
MHEDA's quarterly forecast is designed and written by ITR Economics, with insights into a range of markets, including U.S. industrial production, material handling equipment new orders, warehouse construction, and e-commerce retail sales.
"MHEDA provides resources to members that help them plan and strategize for organizational growth and future success. Access to the ITR quarterly economic report is an example of a valuable resource providing three-year forecasts on seven key markets, expected growth/contraction in markets, management objectives for strategic use of the information, a dashboard of current and projected growth rates, and more," said Liz Richards, MHEDA's chief executive officer. "In this fast-paced and rapidly changing environment, being equipped with relevant and industry-specific information is a must for the material handling professional."
Information about the ITR Report is available at www.mheda.org/.
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