Production Services

The Manufacturing sector comprises companies that transform raw inputs via mechanical, physical or chemical processes into new products, as well as the assembly of component parts into new, complex goods. Sector revenue performance is largely attributable to the value of the US dollar, commodity prices, policy decisions and US manufacturing capacity. Revenue for the Manufacturing sector is anticipated to increase at an annualized rate of 6.6% to $8.8 trillion over the five years to 2022, including an increase of 14.2% in 2022 alone due to recovering domestic and global demand for industry products from COVID-19 (coronavirus) pandemic-induced lows. Industry revenue growth has been decelerated by the estimated 10.0% decline in revenue in 2020 as the coronavirus pandemic and subsequent government closure of nonessential businesses and tepid global demand hampered industry performance. The rise in coronavirus-related costs as well as commodity price volatility is also expected to weaken industry profit during the period.