Gaithersburg, MD., February 28, 2019 — Xometry, the nation’s largest on-demand manufacturing platform, released the findings of its quarterly Small Manufacturing Index, showing that 43% of small- to mid-sized manufacturers surveyed are likely to hire more employees in 2019 as business confidence remains steady compared to last quarter. Xometry’s manufacturing partners are even more likely to hire new employees with 48% reporting they expect to hire in 2019 compared to 38% of external respondents. Additionally, 32% of those surveyed stated they increased hiring since Q4 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 percent of the manufacturers surveyed said that their business would either mildly or strongly increase this quarter compared to the same time last year. Xometry’s manufacturing partners are even more optimistic with 64% of those surveyed expecting an increase in business throughout early 2019 compared to only 57% of external respondents.
Compared to Q3 2018, Xometry partners are predicting an increase in hiring with 48% of Xometry’s manufacturing partners planning to hire more this quarter versus 44% last quarter. Xometry partners also remain steady in business confidence with 68% of those surveyed saying they expect a similar to a mild increase in business this quarter compared with 66% last quarter.
"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 above average confidence toward their hiring plans."
Xometry’s Small Manufacturing Index, which takes the pulse of hiring and optimism of small- to mid-sized manufacturing shops every quarter, surveyed manufacturers both inside and outside Xometry’s partner network on whether 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 that 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 2,500 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 14,000 customers, including BMW, General Electric and NASA.
About the Small Manufacturing Index
The Small Manufacturing Index, released quarterly by Xometry, takes the pulse of American manufacturing by analyzing and quantifying the performance of small- to mid-sized manufacturers. The index is developed through a survey that asks participants 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 2,500 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.