Hand Tools Institute meeting wrap-up

The Hand Tools Institute (HTI) held its fall meeting near the Chicago O’Hare Airport from Sept. 30 to Oct. 2, where more than 70 hand tool executives met to discuss industry trends and regulations impacting hand tools. 

Ken Mayland, PhD of Clearview Economics reported on the general well-being of the economy. Bottom line, he sees 2.5 percent GDP growth for the next three to five years. This said, the industry's recovery from the 2009 recession is the slowest expansion ever. Dr. Mayland cited a number of factors that may be in the way of greater growth:

• Affordable Healthcare Act brings added costs to business with the amendments attached to this law.
• EPA and its limitations
• New financial regulations such as Dodd-Frank
• Minimum wage increase
• Stronger dollar in this global economy
• Subpar global growth

The Automotive Committee, Jon Vyn of Nupula reported favorable statistics. New car sales are up and fuel costs are down. It appears that new car sales are simply replacing cars that are no longer driveable for the average vehicle age is expected to reach 12 years by the end of 2016. Older vehicles mean more repair and maintenance jobs for technicians.