Xometry, the leading on-demand manufacturing platform, released the findings of its quarterly Small Manufacturing Index (SMI), showing increased year-over-year and month over-month growth optimism for small to mid-size manufacturers across the United States.
59% of surveyed manufacturers in August reported that they were likely to see strong to mild year-over-year growth, compared to 43% of those surveyed in April. 49% of surveyed manufacturers in April reported that they were likely to see strong to mild month-over-month growth, compared to 42% in April.
A subset of manufacturers that use online manufacturing platforms indicated an even higher level of expected year-over-year growth, with 70% expecting to see growth this month compared to the same time last year – a 5% improvement from last quarter’s survey.
“Machine shops capable of producing high-precision custom manufactured parts are growing robustly across the US,” said Laurence Zuriff, Xometry co-founder and CFO. “There is significant demand for this type of work, especially within the Aerospace & Defense industries.”
The quarterly index, which takes the pulse of small to mid-size manufacturing shops, asked manufacturers both inside and outside Xometry’s partner network whether they expected to see growth in business compared to previous months and prior years. It also asked what they anticipate being their growth sectors. These small to mid-size manufacturers represent more than 190,000 companies, over a $50 billion market.
Xometry is transforming American manufacturing through a proprietary machine learning-based software platform which offers on-demand manufacturing to a diverse customer base ranging from startups to Fortune 100 companies like BMW and GE. We provide 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. Xometry orchestrates a nationwide network of hundreds of partner manufacturing facilities that enables it to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal, and Casting to its customers.
About the Small Manufacturing Index
The Small Manufacturing Index, released quarterly by Xometry, takes the pulse of the heart of American manufacturing by analyzing and quantifying the performance of small to mid-size manufacturers. The index is developed through a survey that asks members whether they expect to see growth in business compared to previous months and prior years, as well as what they expect to be their anticipated growth sectors. The survey is drawn from Xometry’s partner network of small to mid-size manufacturers as well as from out-of-network shops with less 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.