Automotive Specialty Equipment Market Association Survey
Optimistic on Employment and Business Growth
DIAMOND BAR, Calif., Nov. 25 /PRNewswire/ -- The U.S. Department of
Commerce third-quarter GDP reports suggest the fastest economic growth in
nearly 20 years. According to the Conference Board, consumer confidence is
now at its highest level for the year. But, the experts also agree that any
sustained economic improvement must also create jobs. According to SEMA
President and CEO Christopher J. Kersting, data compiled following the recent
SEMA Show 2003 adds to the promising news of a domestic economy on the
upswing.
"Our survey of members' economic outlook for the fourth quarter, since it
also addresses job growth, is worth noting. The survey responses confirm the
positive news of an economy on the mend," Kersting said. Officials of SEMA,
the Specialty Equipment Market Association, noted the majority of member
responses came from small to mid-size companies, members who, as Kersting puts
it, "are on the front line of any economic change...which adds to the value of
this opinion sample. These are companies very much in tune with human
resources and the need to keep or let go workers."
The survey asked several questions general to business and specific to the
specialty automotive industry. Of these, three inquiries dealt with the
members' evaluation of economic strength; business growth optimism /
pessimism; and how their outlook might influence employment. SEMA's analysis
of the data finds 78.6 percent of responding members believe the U.S. economy
will improve in 2004. Of the respondents, 41.37 percent were "very
optimistic" about business growth during the coming year; 31.05 percent were
"optimistic"; and 16 percent were "somewhat optimistic." The survey also
showed that 38 percent of responding members have increased the number of
their employees in 2003, with 36 percent indicating no reduction in workforce
during the current year. "If we give this information the broadest,
non-scientific definition, it might be simply 'more good news' -- another
positive indication that American small and mid-size businesses feel bullish
about their prospects and about the automotive aftermarket in particular,"
Kersting said.
The 37th SEMA Show attracted more than 100,000 visitors from 145 countries
around the world. All previous show records were broken in terms of
exhibitors and the mix of products shown and introduced. More than 1,000 new
automotive category products -- from a Procter & Gamble home car-wash system;
to the world's biggest road wheel, a whopping 28-inch spinner that turned
heads and order blanks; to the latest in production automobile specialty
models, mobile electronics and car safety equipment -- were introduced. There
was even a new heat-resistant welder's helmet shown for the first time,
clearly aimed at a less glamorous segment of the automotive industry.
The opinions SEMA gathered from individual managers, privately-held
company owners and department heads from mainline consumer brands add to
recent GDP and consumer confidence statistics. "Our 5,000 member companies
are headed into the Thanksgiving break and holiday season with a positive
long-range view that's reality-based. They're writing orders and keeping
American workers on the job. Most are optimistic that new employees will soon
be needed to help meet consumer demands. We're proud of them and the job
they're doing to get America back into the fast-lane of economic recovery,"
Kersting said.
SEMA represents the $27 billion specialty automotive industry. Founded in
1963, the trade association has 5,222 member companies. It is the
authoritative source of research data, trends and market growth information
for automakers and the specialty auto products industry. The industry
provides appearance, performance, restoration, comfort, convenience and
technology products for passenger cars, minivans, trucks, SUVs and
recreational vehicles. For more information, contact SEMA at 1575 S. Valley
Vista Dr., Diamond Bar, CA, 91765-3914; call 909/396-0289; or visit
http://www.sema.org or http://www.enjoythedrive.com .
SEMA Show 2003 image available at http://www.sema.org/images/32147.jpg
CAPTION: More than 100,000 automotive industry professionals attended
SEMA Show 2003, held earlier this month in Las Vegas, an indication of a
vibrant automotive specialty equipment market.
SOURCE SEMA (Specialty Equipment Market Association)
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Related links:
http://www.sema.org
CONTACT:
Rosemarie Kitchin, ext. 104,
rosemariek@sema.org , or Lisa Schafer, ext. 181, lisas@sema.org ,
both of SEMA, +1-909-396-0289
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