U.S. manufacturers remain bullish on growth for 2020, with revenue increases expected across all industries next year, according to a survey by the Institute for Supply Management.

The ISM's latest semiannual economic forecast, which polled purchasing and supply executives in the U.S., found that 58% of respondents in the manufacturing sector expect their companies to turn in greater revenues in 2020 than in 2019. Meanwhile, 13% predict lower business revenues next year, while 29% see no change.

The net increase in overall manufacturing revenues for 2020 is expected to be at 4.8% year over year, compared to the 1.9% increase predicted for 2019. The ISM said factories are "optimistic about their overall business prospects" for the first half of 2020, with growth expected to continue into the second half of the year.

Capital expenditures, however, are forecast to decrease 2.1% in 2020, compared to a 6.4% increase in spending in 2019. If realized, this could potentially be the first annual decline in capital expenditures among U.S. manufacturers in 11 years, Bloomberg News reported.

Most of the companies surveyed, at 38.4%, cited domestic economic conditions as the primary reason for changing their capital spending plans. About 3.4% pointed to tariffs, 7.5% mentioned trade policy uncertainty and 4.0% said they factored in foreign economic conditions.

Meanwhile, half of the respondents in the nonmanufacturing sector forecast better business in 2020 compared to 2019, while 11% predict worse conditions and 39% expect revenues to stay the same. Capital expenditures in the sector are expected to rise 1.3% next year.