Find Economic Prosperity in Forgotten Ingenuity
Keynote Speaker Mitt Romney encourages business owners to focus on hard work and ingenuity
Keynote speaker and 2008 presidential candidate Mitt Romney drew chuckles and applause from COMPOSITES attendees yesterday. He explained that, at the moment, he prefers to be in Las Vegas over the White House. After all, as the saying goes, what happens in Vegas, stays in Vegas. According to Romney the same can’t be said about politics in Washington D.C.—something he knows a great deal about.
The former Massachusetts Governor touched on topics ranging from healthcare and education reform to the need for an energy strategy. Romney explained that though his career experience has varied with time in the private, public and volunteer sectors, he recognizes two things they have in common: Americans are willing to sacrifice to make things work, and Americans work hard to make things successful.
He explained that, while many think the solution to the economic crisis is out of their control, that’s not the case. He encouraged business owners to focus on those attributes that have made America great from its inception. “The key ingredient to success in all of these areas is a step back to good ol’ American ingenuity. If you look at Alexander Graham Bell, Thomas Edison, Bill Gates and countless other unsung success stories, what defines our country is an innovative and pioneering spirit,” Romney said. “Their ingenuity helped make America an economic success story.”
He urged business owners to take a stand. “In no industry anywhere in the world, can a country have a Tier 1 sector if it first does not have a Tier 1 economy. “ He encouraged attendees to get involved in government. “In the competition of nations I am optimistic. I believe in the future of America. Sure we face tough competitors in the world, but our future remains bright as people stand up and say what they want, which lends itself to our continued economic freedom and success.”
Preceding Romney’s keynote address, industry veteran and business analyst Ray MacNeil gave attendees an overview of the current economic climate and how it affects the composites industry. Since 1960, the U.S. composites industry has had six downturns, he said, but the one that continued last year was “very severe.” The good news: Composites companies have compelling reasons to be optimistic this year and beyond.
The composites industry—along with many others during the recession—has been “hammered” since late in 2007, MacNeil said, but he predicts it will grow 3 percent to 5 percent this year, then 8 percent to 12 percent annually from 2011-2014.
MacNeil pointed out that history is on the industry’s side. Using economic charts as illustration, he showed that U.S. growth in composites has far outperformed GDP, as well as competing industries such as steel and aluminum—and it’s not even close. “We can still safely say it’s a growth industry,” he said. “We’ve certainly slowed down, but we haven’t observed the peak and rapid decline associated with a mature industry. Better yet, we’ve always ratcheted back up after periods of decline.”
He showed that two indicators from the Conference Board’s Leading Economic Index predict economic growth in the second quarter of 2010. “It’s more reinforcement that recovery is on the way,” he said.
MacNeil also discussed how trends and developments in industries important to composites manufacturing, such as automotive, construction and wind, should help the industry rebound. “We’re not a one-trick show, and we’re not dependant on one sector of the economy,” he said. Also, the inherent advantages of composites (lightweight, strong, non-corrosive) should help to spark new applications, he said, but it’s also important to monitor issues such as regulation and offshore competitors.
“Remember, we are in quite a hole,” MacNeil said. “We took a nosedive in 2009, and we’ll be struggling to get out of that for a couple years. But we will get there.”
Then again, he might be among the first to admit that predicting economic matters isn’t an exact science. In a touch of levity that drew audience laughter, he presented his definition of an economist—”an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.”
COMPOSITES 2010: Discover the Future of Composites Today. February 9-11. Mandalay Bay, Las Vegas.www.acmashow.org
