The annual Industry & Economic Outlook Conference was held last week at the beautiful Westin North Shore in Wheeling, IL. I say beautiful because it is one of the nicest hotels that I stay at and it feels like a resort in the midst of North Chicago.
My big takeaway from the day-and-a-half event is that the economy for our fluid power industry and the economy in general is in full recovery mode. Each of the presenters at this year's Conference shared the same general report on the economy that it continues to increase in terms of both GDP and Industrial Production. It appears that this trend will continue until at least Spring of 2018. That could be the inflection point where growth in the economy starts to slow down leading into a very mild recession in 2019. That is the big takeaway.
This news is backed up by reports from many of the industries served by fluid power technology that the same trend is holding course. Construction equipment, Mining, Agriculture, Metalworking, and Material Handling equipment are all a growth phase that should continue as projected above.
That is really good news and the fact that any recession seen down the road will be very mild is even better news. Of course the economy does follow patterns of growth and slowdowns and it is inevitable that we will experience a recession at some point. Not having anything like the Great Recession on the horizon is welcome news.
The Conference is organized and conducted by the National Fluid Power Association. You should visit their website for more information at www.nfpa.com