Global Fastener News

Report: Fasteners A Bright Spot in 2008 Forecast

Jason Sandefur

Fasteners are among the industries expected to perform well in 2008 despite a “mild recession” spurred by the housing collapse and high gas prices, a new report suggests.
“The aerospace industry is booming, so downstream industries like machine shops, fasteners and heat treating are doing especially well,” stated Manufacturers Alliance chief economist Daniel Meckstroth.
The alliance included fasteners as a portion of the aerospace industry, one of 10 out of 24 industries projecting growth in 2008.
Four industries demonstrated strong growth in the third quarter of 2007, including aerospace products, electrical equipment, communications equipment and private, nonresidential construction.
Overall, U.S. manufacturing has held steady in 2007, buoyed by a weak dollar that has fueled rapid increases in overseas sales.
However, growth in U.S. manufacturing production is projected to slow significantly from 4.7% in 2006 to 1.9% this year before flatlining in 2008, according to the Manufacturers Alliance.
The alliance expressed hope in 2009, saying the housing market should rebound and help stimulate the economy. �2008 FastenerNews.com