In the latest Forecast on U.S. Boat Building Production from ITR Economics, growth in boat building production is expected to decline slightly throughout 2020 and rebound strongly in 2021.
According to ITR's forecast, at its lowest (summer 2020), production is expected to be on par with levels seen in spring 2019. The strong rebound in 2021 is expected to continue through mid-2022, as far as the forecast goes.
Recommendations for managing growth in this business climate include:
- Stay on top of aging receivables
- Keep an eye on dealer inventories
- Ensure you have the capital you need
- Hone your competitive advantage
- Improve process efficiencies
- Plan ahead for business cycle rise in the second half of 2020
NMMA members can view the full August 2019 report for additional detail here.