A range of factors continue to bolster business for NAED members even as talk of a potential downturn in 2024 seems a little louder. For many, backlogs are strong, sales are expected to remain about the same in the fourth quarter, and sectors focusing on technology will continue to see growth. What other sectors are signaling a green light?
Instead of searching for the answers, you can rely on the NAED Economic and Industry Sector Outlook, available now to NAED distributors for free, when you enroll in the annual subscription, thanks to the generous contributions of Schneider Electric and Hubbell.
One consistent concern for NAED members is the workforce, particularly finding qualified employees and wage inflation. In looking ahead to 2024, the October edition of NAED’s Economic and Industry Sector Outlook includes a special report on the labor market. In this exclusive forecast, Labor Titan provides the expected median U.S. market wage increases (by percentage) for the top occupations most often employed by NAED members. For example, wages for sales and related occupations are expected to increase by 3.4% in 2024. The list of occupations and expected increases can help NAED members plan for the next year.
In addition to investing in people, many companies continue to invest in technology for greater operational efficiencies and enhanced customer experiences. Nearly half of all State of Your Industry respondents said they would continue to invest in technology at the same levels in Q4. For distributors, 58% noted that their investment would be about the same versus 42% of manufacturers.
Sectors connected to technology continue to see growth and provide great opportunities for NAED members, such as data centers. Medical and Education sectors are investing in technology, adding to potential prospects in these areas.
Check out the exclusive labor market report, overall outlook for the economy, and how different sectors are reacting to the ongoing push and pull of key indicators in October's Economic & Industry Sector Outlook.