US industrial production shows slow growth in 2013, pickup in 2014

14 March 2013 22:20  [Source: ICIS news]

HOUSTON (ICIS)--US industrial production is expected to experience slow growth in 2013 and pickup further in 2014, a trade group said on Thursday, indicating optimism for the US economy and manufacturing sector.

Production is expected to increase 2.2% in 2013 and 3.6% in 2014, while GDP is expected to rise by 1.8% in 2013 and 2.8% in 2014, said the Manufacturers Alliance for Productivity and Innovation (MAPI).

In its US industrial outlook, MAPI forecasts housing starts to rise by 24% in 2013 and 34% in 2014.

In other areas, aerospace and parts production is expected to increase by 10% in 2013 and 18% in 2014, while motor vehicles and parts production are forecast to rise by 4% in 2013 and 5% in 2014.

Meanwhile, non-high-tech manufacturing production, which accounts for 90% of the total, is projected to expand by 1.8% in 2013 and 3.8% in 2014.

High-tech industrial production, including computers and electronic parts, is anticipated to increase by 4.3% in 2013 and 9.0% in 2014.

Of the 24 industries forecasted in the report, 16 will show gains in 2013, while all but public works construction is expected to grow in 2014.

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By: Tracy Dang
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