ITR Economics releases forecast on U.S. boat building production
In the latest forecast on U.S. boat building production from ITR Economics, growth in boat building production is expected to decline slightly throughout 2020 and rebound strongly in 2021.
According to ITR’s forecast, at its lowest (summer 2020), production is expected to be on par with levels seen in spring 2019. The strong rebound in 2021 is expected to continue through mid-2022, as far as the forecast goes.
Recommendations for managing growth in this business climate include:
Stay on top of aging receivables
Keep an eye on dealer inventories
Ensure you have the capital you need
Hone your competitive advantage
Improve process efficiencies
Plan ahead for business cycle rise in the second half of 2020
Another recommendation for managing growth is to ensure a healthy balance between domestic and international sales. The time to pursue international growth is not when the domestic market declines but rather beforehand allowing the time needed to nurture overseas clients. The NMMA is poised to help our member builders with their export strategy.