US boat production expected to decline in next 12 months, but swift recovery predicted
US boat building production is shaping up to be a classic ’Bad News/Good News’ scenario: the bad news is US boat production expects declines in the next year; the good news is the drop-off won’t be severe and the recovery should be quick.
According to the Forecast on US Boat Building Productionpublished by ITR Economics and the National Marine Manufacturers Association (NMMA), US manufacturing should slow through the remainder of 2019 and into 2020, but at its lowest predicted point next summer, production is expected to be on par with Spring of 2019 levels.
ITR is predicting that “a strong rebound in 2021 is expected to continue through mid-2022.”
The oldest, privately-held economics forecasting firm in the States, ITR suggests that manufacturers can use the downturn to ramp-up for the recovery by staying on top of aging receivables and dealer inventories, improve process efficiencies, hone any competitive advantages and “plan ahead for the business cycle rise in 2020.”