The Manufacturers Alliance for Productivity and Innovation (MAPI) Quarterly Economic Forecast predicts that inflation-adjusted gross domestic product (GDP) will expand by 2.2% in both 2012 and 2013, a solid increase from 1.7% growth in 2011. The 2012 forecast keeps pace with the previously estimated 2.2% growth, while the 2013 forecast is down slightly from the 2.4% growth anticipated in MAPI’s February quarterly report.
Manufacturing production will outpace the overall economy and is expected to show growth of 5.2% in 2012 and 3.3% in 2013. The 2012 figure is up from 4.0% and the 2013 estimate is down from 3.6% from the February forecast. Manufacturing is expected to see a net increase in hiring, with the sector forecast to add 312,000 jobs in 2012 and 361,000 jobs in 2013. These figures are well above the February forecast of 210,000 jobs in 2012 and 220,000 jobs in 2013.
Production in non-high-tech industries is expected to increase by 5.2% in 2012 and by 3.1% in 2013. High-tech manufacturing production, which accounts for approximately 10% of all manufacturing, is anticipated to grow at a 5.3% rate in 2012 and 7.7% in 2013.