A recent survey from PricewaterhouseCoopers forecasts continued growth for manufacturers, projecting an average revenue increase of 8.1 percent for the next 12 months, despite the rising cost of energy.

The increase is higher than last quarter's prediction of 7.8 percent, and well above the 6.5 percent forecasted a year ago. Thirteen percent of respondents to PWC's Manufacturing Barometer cited decreasing profitability as a potential barrier to growth, down from 22 percent last quarter.

Others expressed continued worries about energy prices. Sixty-one percent of manufacturers noted they are either using or considering using low-cost sourcing from abroad to reduce supply chain and sourcing expenses.

Additionally, users or those considering low-cost sourcing expected slower revenue growth over the next year—7.7 percent. Companies not using or considering low-cost sourcing projected revenue growth of 10.4 percent. China was the leading country cited for low-cost sourcing, followed by India and Mexico.

“Industrial manufacturers are responding to challenges of increased costs in a healthy way, ensuring their—and their market's—continued growth and success,” said Jorge Milo, leader of PricewaterhouseCoopers' U.S. industrial manufacturing practice.

“If these companies can continue to effectively deal with increased energy costs, the industry should continue to experience positive growth,” he said.

More than half (58 percent) of the industrial manufacturing executives surveyed plan to expand their workforce over the next 12 months, an increase over the 43 percent who expected to hire more employees a year ago. Respondents also were upbeat about the global and domestic economies, with 63 percent reporting optimism about the U.S. economy, and 64 percent about the global economy.

The Manufacturing Barometer, a quarterly survey, is based on interviews with 62 senior executives of large, U.S. industrial manufacturers.