The world of manufacturing is no stranger to going through the good times and the bad. The 2008 recession put progress and innovation on hold, and now the coronavirus is threatening to create a short-term future where production lines are firing on cylinders and one day and being turned off the next.
This article from Houghton International looks at the cost of machine downtime over the last decade and how things can still be done, even during the pandemic, to improve the outlook of the industry.
A decade of decline & recovery
The 2008 recession presented a real challenge for manufacturing, in terms of recovery. The manufacturing of food, motor vehicles, other transport equipment and repair of machinery were the key areas of the industry that depended on for a change in fortunes over the long term.
From a statistical point of view, this is documented via the fact The Index of Manufacturing was close to returning to a good level pre-2008, but even though the recession hit over 12 years ago, some manufacturing industries haven’t recovered, even before you take into account the impacts of COVID-19.