The Hand Tools Institute (HTI) held its spring meeting from April 6-9 in Key Largo, Fla. The HTI is the trade association of North American manufacturers of non-powered hand tools and toolboxes. The objectives of the Institute are to promote and further the interests of its members relative to manufacturing, safety, standardization, international trade and government relations. Twenty six companies were represented, including ABC Hammers, A&E Tools, Ken Tool, Mayhew Steel Products, Norbar Torque Tools, QEP/Nupla, Snap-on Tools, Stanley Black & Decker, Knipex, and more.
According to the organization's website, HTI prepares and disseminates educational materials, conducts statistical and market surveys, identifies legal, legislative, regulatory and economic trends affecting the industry. HTI actively promotes cooperation with other associations, the American National Standards Institute, the National Safety Council and government agencies. An important objective of the Institute is to educate the hand tool user on the safe and proper use of hand tools.
During this year's spring meeting, Dr. Ken Mayland, President of Clearview Economics, LLC, presented information regarding the current state of the economy as it relates to the tool industry. His presentation covered that economic indicators are showing more of the same regarding our economic growth. While the U.S. has faced a slow, but long-term economic recovery, the indicators do not show any signs of a bear market or recession. This bodes well for the tool industry and shops should be able to expect business conditions for your shop to remain on course this year, according to Dr. Mayland.
During this same presentation, Dr. Mayland reported that car sales are up, transportation services are up and recreational vehicles sales are up.
