The vast majority of organizations within the U.S. industrial sector (73 percent) have reduced spending in response to revenue shortfalls caused by the economic recession, according to a recent survey of engineering, manufacturing, technical and industrial professionals.

Yet optimism remains for a turnaround as 61 percent of those surveyed plan to spend the same or more in the second half of 2009 – indicating that better times are ahead. These findings were uncovered in the eighth annual Industrial Indicator Survey conducted by GlobalSpec, the leading specialized search engine, information services and e-publishing company for the engineering, industrial and technical communities.

Half of the companies in the industrial sector expect their 2009 revenue to be lower than 2008 revenue and they have adjusted accordingly. Specifically, 51 percent indicated they would be reducing capital expenditures, 48 percent are reducing travel, 44 percent are reducing headcount and 43 percent are reducing work schedules.

Despite – or perhaps because of – difficult economic conditions, companies are seeking out growth opportunities. Survey results show that expanding into new markets, improving production efficiencies and new product development have replaced the costs of raw materials, energy and transportation as top concerns for the industrial sector. 54 percent of respondents stated their company is focused on expanding sales into new markets, while 46 percent are focused on new product development.

”These survey results speak to a positive outlook and opportunity for companies that position themselves to take advantage of planned spending on components and services, particularly in the second half of the year,” said Angela Hribar, GlobalSpec’s Chief Sales and Marketing Officer.