Gaithersburg, MD., October 2, 2018 — Xometry, the nation’s largest on-demand manufacturing platform released the findings of its quarterly Small Manufacturing Index, showing that 44% of small- to mid-sized manufacturers surveyed are likely to hire more employees in the coming year as business confidence continues to increase. Xometry’s manufacturing partners are even more likely to hire new employees with 49% reporting they will hire in the coming year. Additionally, 32% of those surveyed stated they have hired more employees since Q3 2017.
The majority of small- to mid-sized manufacturers in the U.S. are as equally optimistic about the market in the near future as they were a year ago. Sixty-eight percent of the manufacturers surveyed said that their business would either mildly or strongly increase this month compared to the same month last year. Xometry’s manufacturing partners are even more optimistic with 36% of those surveyed expecting a strong increase in business.
Compared to Q2 2018, Xometry partners are predicting an increase in growth and hiring with 49% of Xometry’s manufacturing partners planning to hire more this quarter versus 37% last quarter. We see a similar increase in business confidence with 68% of those surveyed saying they expect a mild to a strong increase in business this quarter versus 66% last quarter. From quarter to quarter, about 40% of Xometry’s manufacturing partners consistently expect to see a strong increase in business versus only about 20% of external respondents expecting a strong increase.
"We're pleased to see the continued growth in confidence and hiring among small manufacturers," said Laurence Zuriff, Xometry co-founder and CFO. "We're particularly happy to see that our manufacturing partners are reporting an above average confidence toward their hiring plans."
Xometry’s Small Manufacturing Index, which takes the pulse of small- to mid-sized manufacturing shops ever quarter, surveyed manufacturers both inside and outside their partner network on whether they expected to see growth in business and hiring compared to previous quarters and years. These small- to mid-sized manufacturers represent more than 190,000 companies in an over $50 billion market.
Xometry is driving the business of American manufacturing through a proprietary software platform which offers on-demand manufacturing to a diverse customer base, ranging from startups to Fortune 100 companies. It provides product designers and engineers the most efficient way to source high-quality custom parts, with 24/7 access to instant pricing, expected lead time and manufacturability feedback. Our nationwide network of over 2,400 manufacturing partners enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, and Urethane Casting. Xometry has over 10,000 customers, including BMW, General Electric and NASA.
The Small Manufacturing Index, released quarterly by Xometry, takes the pulse of American custom manufacturing by analyzing and quantifying the performance of small- to mid-sized manufacturers. The index is developed through a survey that asks members whether they expect to see growth and hiring in business plans compared to previous months and prior years. The survey is drawn from Xometry's partner network of over 2,400 small- to mid-sized manufacturers as well as from out-of-network manufacturers with fewer than 50 employees. The index aims to highlight trends over time to provide analysis and predictions on the national outlook for small- to mid-size manufacturers.