2021 Marcum National Manufacturing Survey
08
THE 2021 MARCUM NATIONAL MANUFACTURING SURVEY
BUSINESS STRATEGIES (continued)
PRODUCT R&D Companies Devote Considerable Resources to R&D
NEW PROJECTS Establishing New Offerings
Thirty-six percent of respondents launched a new product or service in the past 12 months. Some of these were in response to the pandemic, with manufacturers pivoting to make personal protective equipment (PPE) or other high-demand items. And 14% of these companies intend to permanently offer those new COVID-related products.
Growth-oriented manufacturers are always striving to find better solutions. Respondents indicated that they spend anywhere from half a percent to a high of 20% of revenue researching and developing new products, with most saying they are in the range of 5%. A variety of activities, including improving existing processes, developing new processes or systems, and creating new products or services all qualify as R&D expenses eligible for tax credits.
EXPORT/IMPORT Global Marketplace
Globalization continued to increase among manufacturers, with 64% of respondents saying they export (up 6% from our last survey) and 39% saying they import some of their goods. Among the exporters, 68% expect to increase or remain steady on exports in the coming year.
100%
Q20 Over the next 12 months do you expect to?
90%
80%
70%
60%
Increase your exports 38.89% (14)
50%
None of the above 27.78% (10)
Hold your exports steady 27.78% (10)
40%
Increase your imports 19.44% (7)
30%
Decrease your imports 5.56% (2)
20%
Decrease your exports 5.56% (2)
Hold your imports steady 5.56% (2)
10%
0%
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