State of the Manufacturing Economy
A question that I am often asked is “what are you seeing out there?”, which ultimately leads to a discussion about the economy from both a macro and micro perspective. From my view (of financing manufacturing equipment all around the US), the larger companies are continuing to increase machining capacity with new machine orders, but the relatively smaller companies are showing increased hesitation in recent times. This is displayed in the accompanying graph (estimated figures for display purposes).
The bad:
The majority economic indicators within the manufacturing market are pointing to some degree of a recessionary period that should be felt in late Q3/early Q4.
The good:
This will be the most foreseen and anticipated recession in history. If we do enter a recessionary period, it should be relatively short term (versus a standard 18-month recession) and easy to weather. If we do not enter a recession, we will more than likely experience lack-luster production for that period.
The better:
The forecast for late 2023 is positive and appears even stronger as we look at 2024.
The best:
The US economy is extremely resilient and historically bounces back the year proceeding a recessionary period. We have the highest GPD in the world and manufacturing will always be a significant contributor.
Whether we enter a slow period or not, now is a great time to take advantage of Epic Finance’s 120-day payment deferral program. With this program, your first monthly payment isn’t due until 120 days after the equipment has been fully installed. This program, combined with our aggressive rates, speed of approval, and fearless customer service is what makes us your best option for all types of equipment financing.
Please feel free to reach out directly to discuss your goals and find out how Epic can help achieve them.