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The 2020 State of the Industry Report

The 2020 State of the Industry Report

Author: Erika Streator/Wednesday, December 2, 2020/Categories: Industry News - Industrial

(Quoted from Signs of the Times. Full article here.)

“Prior to the pandemic, the U.S. economy was doing very well,” Forbes reported on Oct. 12. “Unemployment was at a 50-year low and inflation was also below the Fed’s target of 2.0%. However, because we closed a significant portion of the U.S. economy, ‘real’ GDP growth … fell during the second quarter by an astounding 31.4%. These are numbers not seen since the Great Depression.” This is the economic situation the sign industry – and all American industries – find themselves in. Fortunately, many states declared signage and graphics producers as essential businesses, providing our industry an opportunity to fare better than many others.

The findings below reflect the unmistakable impact of COVID-19. Despite being necessary businesses themselves, many sign company clients have curtailed their orders or gone out of business, so the move to social-distancing floor graphics and sneeze guards hasn’t completely replaced the lost business. Sales and profits are expected to be down significantly, fewer companies are purchasing equipment, and those that are buying report spending less than half (on average) compared to last year. Nevertheless, the diversity and steadiness of services offered, including electric signs, suggests that the state of the sign industry is resilient. Despite the clear and perhaps persistent challenges that lie in our immediate future, the sign industry appears positioned not only to survive this pandemic, but also, ultimately, to prevail.

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