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Georgia’s Manufacturing Losing Money Overseas

Published: Monday, March 1, 2004 - 23:00

According to a study of Georgia’s manufacturing climate, the state’s manufacturing companies are optimistic about the economic recovery and are planning more hiring and expansion in the next three years. However, the same survey revealed that 20 percent of Georgia’s manufacturers have lost sales in excess of $1 million to offshore competitors in the past five years.

The September 2003 survey, conducted by Atlanta accounting and advisory firm Habif, Arogeti, and Wynne, in cooperation with Georgia State University, the McCart Group and the Georgia Industry Association, concluded that companies that are more fully exposed to international markets earn significantly higher profits than companies without such connections.

Sixty-two percent of Georgia’s most profitable manufacturers reported losing sales to offshore competitors in the last five years. The study also found that manufacturers that sell more products outside the United States experience higher profit rates.

"Overall, the survey showed that now that the recovery is in full swing, our manufacturers are cautiously optimistic about its strength," says Jeff McCart, vice president of The McCart Group. "The lack of strategic plans, crisis planning, insurance programs and organized training programs among some of our smaller manufacturers should concern our state leaders, but overall, the industry seems to have weathered the economic recession."

To download a PDF of the report, visit www.hawcpa.com.

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