This was according to a recent survey of Indiana Manufacturers Association members. More than 100 of the organization’s members completed the survey, which was conducted in May.
According to the survey, about 50% of respondents were generally optimistic about their long-term health of their businesses and about 85% said they continued operating in recent weeks because their businesses were deemed essential.
“Indiana is the most manufacturing intensive state in the country and our Indiana businesses continue to step up and take on the challenges presented by the current pandemic,” said Brian Burton, IMA president and CEO.
Burton said while IMA members have a favorable outlook, it will take time to bounce back because of the situation created by the pandemic.
“The results of this Indiana manufacturing survey are further evidence of the significant negative economic impact being felt by Indiana’s industrial sector,” he said. “However, the survey respondents indicated increased optimism over the next six to 24 months.”
The pandemic affected orders from the state’s manufacturers. About 31% of respondents reported a 50% reduction, while 23% reported reductions of between 25% and 50%. Roughly 28% reported a drop in orders of between 10% and 25%.
About 5% of respondent said they experienced a significant supply chain disruption. A total of 70% responded that the disruptions were manageable, and 25% indicated there were no disruptions to their supply chain.
The pandemic also created significant financial hardship for 30% of respondents. However, about 62%, said financial losses were manageable and 8% experienced no negative impact.