Posted May 07, 2019 04:12:13A new year begins and the industry continues to boom with the arrival of spring and the start of summer.
In this article, we’ll discuss what industries are likely to be growing, what they’ll be struggling with, and what the industry could look like in 2022.
We’ll also take a look at the key sectors that will be affected by the industry’s growth, and how to predict their growth in 2022 and beyond.
The next five years will likely be pivotal for textile manufacturing.
We’re already seeing the first signs of a revival.
The industry’s outlook has changed since the start Of 2017, according to the latest report from the National Association of Manufacturers.
The NAM’s latest forecast projects that the textile manufacturing industry will grow by 3.6 percent in 2022, and that it will create an estimated 6.1 million jobs.
That’s up from an earlier forecast of 3.2 percent growth.
The industry also expects to add a further 1.3 million jobs by 2023.
While that’s good news, the report doesn’t predict the exact jobs numbers for 2022, or how those jobs will be created.
“The industry is expected to add an estimated 1.4 million jobs during the next five to seven years, while it may lose around half that number in 2023,” the report states.
That doesn’t necessarily mean the industry will collapse.
“We don’t expect the industry to be in recession, but there will be a slowdown in the next few years,” said Doug Stahl, the head of industry analysis at NAM.
“In 2022, it’s not going to be a recession-free decade for textile manufacturers.”
Stahl added that, given the new growth forecast, the industry should have a good 2018, and a better than expected 2019.
The report doesn