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Article Excerpt
After four successive years of growth, Montana manufacturers saw a decline in activity during 2008. Through the first half of the year, most of manufacturing actually saw growth, and declines were primarily in Montana's wood products sectors (see pages 35-36). Based on announced layoffs, total employment and labor income in manufacturing were estimated to have decreased by year's end (Figures 1 and 2).
Housing continued to decline as the year progressed, giving rise to a financial crisis that has led to sharp U.S. and global economic downturns. Montana manufacturers faced much weaker demand for their products in addition to tighter credit availability. A strengthening U.S. dollar and lower commodity prices made some Montana producers less competitive worldwide. Lower prices for commodities did, however, decrease raw material and operating costs for some Montana manufacturers. Even so, by late 2008, virtually every sector of Montana manufacturing was negatively impacted and numerous layoffs were announced.
Overall, Montana's 2008...
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