Valve industry experiencing fourth consecutive year of growth
The valve industry employs 50% more people than a decade ago, provides great jobs and is expecting to add many more this year, reported the Valve Manufacturers Association (VMA) during a briefing at its 75th Anniversary Annual Meeting. During the meeting, VMA unveiled the Employment Snapshot Report, new member research that provided insight about industry employment and discussed new trends affecting the economic outlook of the valve industry.
More than half of responding member companies reported their domestic hiring was growing up to 5% this year. Nearly one-fifth expected growth up to 10% and another fifth is planning to grow their ranks up to 16%. Only 3% of valve manufacturers did not expect any growth.
These workforce figures are consistent with the increase in shipments that members anticipated, as reported in VMA’s annual market forecast released earlier this year. The forecast report predicted that shipments for the U.S. industrial valve industry would grow 3% in 2013, increasing to nearly $4.3 billion. The increase would mark the fourth consecutive year of growth following the recession, exceeding the industry’s previous 10-year peak in 2008.
Through the Employment Snapshot survey, VMA estimates that the domestic valve industry (including Canada) employs more than 30,000 people, a 50% increase from a decade ago. Overall, the industry has a seasoned workforce, with employees averaging 13 years of experience and that are 43.3 years old. In addition, 26% of their employees have college degrees, and 33% are considered exempt employees.
Also, a majority of these firms—two-thirds of which are privately held—have international locations and employees and most have plans to grow their international workforce over the next five years. In fact, 30% of these firms expect more than 10% growth in their international workforce over this time period. China was the most frequently cited location of internationally-based employees, followed by the United Kingdom and Germany.