Prime Advantage, a buying consortium for mid-sized manufacturers, announced the results of a recent survey revealing the top economic concerns of small and mid-sized North American manufacturers for the second half of 2011.

The new findings reveal that most of these companies are counting on continued economic growth for U.S. manufacturing for the rest of 2011, holding on to the confidence that was displayed in the last semi-annual projection done by Prime Advantage in February.

“Very positive to see that the optimism from earlier this year is carrying through for the balance of 2011,” said Louise O’Sullivan, founder and CEO of Prime Advantage. “We’re please to see solid growth projections for our members in key areas such as revenue, employment and capital expenditures”, O’Sullivan added.

According to the survey, 79% of those surveyed stated capital spending such as new purchases of property or equipment would stay equal to the February projections or increase, with 54% staying equal and 24% seeing an increase. Another 21% said they would decrease their spending as compared to the first half of 2011, on par with August 2010 (20%).

“We’re pretty bullish on where manufacturing is going,” said Mike McDonald, vice president of new business relationships at Prime Advantage. “We’re encouraged by what we’re seeing. Clearly, manufacturing’s climbing out of the recession. It’s taken a while, but the tail of that is manufacturers are going to start hiring – and it’s starting now. Clearly, it’s not as fast as anyone would like, but it’s certainly the tortoise here and not the hare.”

In August 2011, Prime Advantage surveyed executives and purchasing professionals that represent durable goods manufacturing firms with annual revenues ranging between $10 million and $1 billion, of which the majority ranges between $20 million and $500 million.

To read the full Prime Advantage news release on outlook:
click here.