Data from the National Marine Manufacturers Association (NMMA) Q2 2020 Marine CEO Sentiment Report shows marine CEO sentiment has improved considerably since the onset of the pandemic. The survey was fielded in July with the goal of assessing the state and needs of U.S. recreational boat, engine and marine accessory manufacturing businesses.
“Marine CEO sentiment was much more optimistic in Q2, returning to levels pre-pandemic, bolstered by record new boat sales this summer,” says Vicky Yu, director of business intelligence for NMMA. “Production has been steadily ratcheting back up since the lockdown restrictions were lifted, and manufacturers are actively hiring or bringing back furloughed employees, working through order backlogs as operations return to normal.”
Key findings from the Q2 2020 Marine CEO Sentiment Report include:
- 49% of CEOs reported current business conditions were stable, another 39% reported business was expanding, and 11% reported business was declining, on par with sentiment levels prior to the pandemic.
- 51% of marine manufacturers reported sales were up or on par with Q2 2019, and 15% of them reported substantial growth in sales.
- 47% of marine manufacturers reported new orders were up compared to a year ago, primarily reflecting gains in orders of new boats.
- Hiring improved as manufacturing lockdown restrictions were lifted, with 37% of manufacturers actively hiring in the last quarter, 44% sustaining their normal staffing levels and 19% reporting job cuts.
For more information, visit www.nmma.org.