CHICAGO, Oct. 19, 2017/Petroleum Equipment Institute/ -- Some 300 PEI members and officers heard firsthand the good news PEI Executive Vice President and General Counsel Rick Long delivered during his State of the Industry within the annual membership meeting.
“On the distributor side, you’re very happy,” Long said.
On a scale of 1 to 10, distributors who were surveyed ranked current business conditions a 7.3, with service work and equipment upgrades performing especially well. Diversification into nonretail fueling activities also scored high.
Manufacturers rated 2017 a 6.87, citing strong economic conditions, new products and international sales as the year’s bright spots.
Eighty-five percent of distributors described themselves as extremely or moderately optimistic about their businesses during the next three years. Nearly 97 percent of manufacturers said they are extremely or moderately optimistic.
“Both distributors and manufacturers are very optimistic, I would say, about the next three years,” Long said.
Long delivered his remarks Thursday, Oct. 19. The event was held in conjunction with the 2017 PEI Convention at the NACS Show in Chicago, the organization’s 67th annual convention and trade show.
Click here to access Long’s State of the Industry in its entirety.
Founded in 1951, PEI is composed of more than 1,600 companies engaged in manufacturing and distributing equipment used in the fuel and fluid handling industry. Members are located in 50 states and 81 countries. PEI, headquartered in Tulsa, Oklahoma, is the leading authority and source of information for the fuel and fluid handling equipment and services industry. For more information, visit www.pei.org.