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- Canadian Metalworking
More than 80% of small manufacturers impacted by COVID-19
- April 23, 2020
- News Release
- Health & Safety
Gaithersburg, Md.-based Xometry, a marketplace for custom manufacturing, has released its Q1 Small Manufacturing Index report. The report showed that just 25% of manufacturers are optimistic about anticipated future business, compared to 45% in the second-half 2019 report. More than 80% of small manufacturers reported that COVID-19 is having an impact on their revenue.
The report also revealed that 55% of small manufacturers anticipate a decline in their business in Q1 2020, compared to just 24% who reported a decline in the previous report.
Twenty-five per cent of small manufacturers plan on hiring this quarter, with 63% of manufacturers reporting that COVID-19 had an impact on hiring plans during the first quarter.
COVID-19 also has affected the industries that made up the largest share of Xometry partners’ revenue in Q1 2020. Those for which industrial machinery and automotive make up a large share of business fell 51% and 50%, respectively, compared to Q3 2019. Those for which the medical industry makes up a large share of business increased by 39%, with government and defense up 32% compared to Q3 2019.
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