Patrick Industries is a dark storm industry.
A new report from the Economic Policy Institute found that Patrick Industries’ global manufacturing capacity is nearly a quarter of its current level, and the global demand for the industry is expected to continue declining.
The report found that the global supply of manufacturing equipment, software and services for dark storm industries is expected decline by roughly 2.4% by 2020.
In 2018, the global dark storm manufacturing industry produced more than $1.1 trillion worth of goods and services.
“Patrick Industries, Inc. (PIO) is a global leader in dark storm automation, which provides highly reliable and cost-effective manufacturing solutions for critical industries such as aerospace, defense, manufacturing, medical devices, pharmaceuticals, and energy,” said Gary Cohn, President and CEO of the Economic Development Corporation, in a statement.
“We are grateful for the tremendous support of Patrick Industries and our investors in the last six years, as we have worked to create an industry that provides the highest quality, safest, and most innovative manufacturing solutions.
I look forward to continuing to work with Patrick Industries to make a bright future for this industry.”
Patrick Industries is part of a large group of companies in the Darkstorm Industries sector that includes General Electric (GE), Caterpillar (CAT), and Honeywell (HON), as well as other major suppliers to aerospace, military, pharmaceutical, and healthcare markets.
Patrick Industries also has a large manufacturing footprint in other industries, including semiconductors and power and water equipment.