FEATURE ARTICLE
2023-2024 ERA Member Industry Survey
ERA’s eighth annual survey was conducted in December 2023 and presents ERA rep, distributor and manufacturer assessments about their operations and business in 2023-2024, and a forecast for 2024.
The answers to the survey display industry members’ reflections of 2023: Nearly 30 percent of those surveyed rated 2023 as an excellent or very good year; 42 percent rated 2023 as good; and nearly 30 percent rated last year as mediocre or poor.
Forty percent of firms reported a revenue decrease in 2023. Yet, nearly 60 percent of responding firms saw growth of up to 10 percent or even greater in 2023.
On a wholly positive note, 91 percent of responding companies report their firm is in excellent or good overall health today. When looking ahead to 2024, responses seemed mixed. Nearly 30 percent of respondents predicted a mediocre or poor 2024. Yet 68 percent predicted that 2024 would be good, very good or excellent. And, 72 percent predicted some amount of revenue growth in 2024, anywhere from 1 to greater than 10 percent.
About 70 percent of responding firms predicted an increase in total operating costs in 2024.
Areas of importance, focus or concern for members are the overall state of the economy, business partnerships, new technology and strategic planning.
ERA asked respondents which markets they predict will have sales growth in 2024—responses favored the military, defense, aerospace and medical markets.
Here’s wishing you and your firm a prosperous 2024!
View the complete ERA 2023-2024 Industry Survey results.