These days, there’s a lot of across-the-board economic optimism. U.S. manufacturing is seeing a major renaissance, housing is in a full-blown recovery, employment is up in many industries, and according to reports, January saw the highest level of consumer confidence since 2004.
There are many reasons behind this, ranging from true American innovation and technology to lower energy prices and a booming construction industry. When optimism and growth are being experienced throughout the country and its many sectors, it stands to reason that it will cause a ripple effect, reaching many industries and micro-economies.
As an example, Home Depot, the country’s largest home-improvement retailer, posted much-better-than-expected fourth-quarter profits because U.S. housing gains improved accordingly, causing Americans to spend more on their homes.*
This positive ripple effect is most definitely true for the textile industry, and all signs point to a very good year, with much improvement. As economic growth continues and consumers and businesses spend more, textile manufacturers and retailers will see the benefits.
Specific to the industry, there are a number of reasons things are looking up, including:
- Reshoring: Countless businesses are returning business to American soil, due to higher quality and lower production costs.
- Fewer imports: Accordingly, many American businesses are choosing domestic textile manufacturers over international suppliers.
- Innovation and technology: American textile manufacturers are continuing to make great strides in quality and innovation, proving to be a better choice when quality is most important. U.S. textile mills are spending more on advanced technology, further increasing quality, efficiency, and cost-effectiveness.
- “Made in America” sentiment: American consumers and businesses alike are choosing to buy domestic whenever possible, wishing to support local businesses and the many qualities they embody, including sustainability.
Statistics** are showing increased demand for textile mill products, home products including rugs, apparel, and more, and shipments of these products are continuing to increase—with projections showing continued increase this year.
It seems all signs point to a good year ahead for textiles—for many reasons—and we look forward to meeting the demands, as we have been since 1888.