The Great Lakes TAAC collects performance data from the companies it works with every year as part of our internal evaluation process and program improvement efforts. Last year’s survey included 88 manufacturers located throughout Indiana, Michigan, and Ohio. The results were strong. Indeed, GLTAAC’s established clients and recent program grads (“GLTAAC firms”) outperformed the manufacturing sector as a whole!
Sales: 10.5% vs. 7.0%
According the Census Bureau’s M3 report1, total shipments (or sales) by U.S. manufacturers increased by 7.0% in 2018. GLTAAC firms posted an average sales increase of 10.5% last year. The increase was also broad-based – 71% of GLTAAC firms grew sales in 2018.
Job Growth: 3.0% vs. 2.1%
GLTAAC firms increased employment by an average of 3.0% in 2018. Per BLS numbers, total manufacturing sector employment increased by only 2.1% in both the U.S. and the tri-state region of Indiana-Michigan-Ohio during that time.2
It’s About More Than Sales and Employment
GLTAAC collects, compiles, and analyzes other key performance info from its established clients and recent program grads. Additional findings from this year’s survey include:
- Better Bottom-line Performance – 78% of GLTAAC firms were profitable in 2018 (under half were profitable when starting the program).
- Improved Competitiveness – 69% improved their productivity last year, while 82% reported that they are more competitive now than they were before working with GLTAAC.
- Significant Long–term Impact – GLTAAC firms have increased sales by an average of 43% since starting the program, and grown jobs by an average of 27%.
High Firm Survival
The Great Lakes TAAC currently has a 97% 5-year survival rate (meaning 97% of all of the companies we’ve assisted since 1/1/2014 are still in business). This is the single most important metric we track.
It’s important to remember that in order to qualify for TAAF a company must be distressed. And this distress is often severe. The companies discussed above had lost an average of 17% of their sales, and 18% of their workforces, in just the year before starting our program.
We are proud of the impressive results achieved by our clients and appreciate the opportunity to work with them to improve their businesses.
To learn more about how we assist firms, take a look at a few of our GLTAAC client success stories.
If you know of an import-challenged firm that could use help from GLTAAC and TAAF matching funds, contact us to learn more about the program.
Sources
1. Click here for the Census Bureau’s M3 report
2. BLS (Bureau of Labor Statistics) series CEU3000000001, and SMU18000003000000001 + SMU26000003000000001 + SMU39000003000000001
