More than half of U.S. manufacturing companies will spend more than $1 million on new manufacturing technology in the next two years, and more than 25 percent will invest at least $5 million, according to a recent survey.

Commissioned as part of the Italian Trade Commission's campaign "Machines Italia" activities, the survey included 351 American manufacturers with annual revenues ranging from $500,000 to $19 billion. The survey was designed to capture opinions of manufacturers at all levels and in a wide range of industries.

"Manufacturing executives are expecting increased sales and profits through the end of the year, and have adjusted their capital budgets accordingly," said John R. Brandt, CEO of the Manufacturing Performance Institute, a consulting firm. "This data echoes MPI's recent research regarding the upturn in manufacturing."

Of the companies surveyed, 26.2 percent said their anticipated expenditures for capital equipment over the next two years will exceed $5 million. Another 30.2 percent plan to invest between $1 million and $5 million on capital equipment during the same period, according to the results.

"I wouldn't be surprised by those numbers, since manufacturing's great interest is to maintain an edge in the world market," said Charles Stockinger, chairman and CEO of Thomas Associates, an association management firm representing trade associations in the MROP channel. "The best way to do that is through investing in new technology. There is a constant interest in improving processes, and the only way to do that is through investment. Of exact numbers, I don't know, but it is happening in every area, every day."

All but a few respondents said that they planned to invest at some level in new equipment over the next two years. Faced with increased customer pressure to lower costs, the manufacturers said they are counting on new technology to help them increase productivity and drive down expenditures at their facilities.