This week, more than 1,100 companies are occupying 1.2 million net square feet of exhibit space in Chicago for the 28th edition of the International Manufacturing Technology Show. And IMT will be bringing you highlights throughout the rest of the week.

One of the largest industrial trade shows in the world, the International Manufacturing Technology Show (IMTS) has begun at the McCormick Place complex in Chicago, Ill. Marking the 28th edition of the premier manufacturing technology show in North America, IMTS 2010 is featuring more than 1,100 exhibitors and hosting 92,000 visitors, all in the confines of 1.2 million net square feet of exhibit space.

I will be posting updates throughout the day, so check back regularly.

UPDATE 1:
Upon entering some of the exhibit halls, visitors are greeted with screens displaying Twitter updates of the convention. The screens reflect a social-tech trend that exhibitors have integrated within their own businesses. There’s a multitude of industries, machines and technologies represented on the same floor, and it’s evident from the first few moments at the show that various businesses are attempting to find common ground within mass markets. This includes implementing technologies like cloud computing into everyday gadgets such as the iPhone.

So far, much of this year’s show demonstrates the complementary relationships between major industries. For instance, as laser technology becomes faster, more precise and less expensive, medical device availability continues to shift. A lot of the overall buzz, from what I’ve seen so far, is about cloud computing, which “promises to make powerful applications and mass data storage available in a very cost effective manner to manufacturing companies of all sizes,” according to IMTS collateral.

(Check out today’s IMT Q&A with Tech-Clarity‘s Jim Brown for his take on cloud computing’s role in the future of CAD.)

UPDATE 2:
This year, companies are proudly promoting new patents, green practices (such as vegetable oil incorporated into machinery) and updates in water laser technology that enable processes to go at a much faster pace.

It’s evident that water laser technology is a major presence at IMTS this year, at least exhibit-wise. Advancements in this tech, such as the use of “smart power,” have enabled production processes to fabricate more end products, Flow International Vice President Chip Burnham explained to IMT.

As other exhibitors demonstrate, technologies have been adjusted for use with more materials — even chocolate — and, most importantly, with cost efficiency in mind.

UPDATE 3:
As visitors continue to swarm to exhibits this afternoon, one thing is clear: booth layouts resemble virtual factories. Representatives are even distributing maps as a way for visitors to navigate each exhibit.

For instance, at the Hexagon Metrology conference earlier today, the supplier of metrology equipment and software not only cited new products, but also explained that the presenters’ exhibit set-up is arranged as a “hypothetical factory,” letting each visitor envision themselves in different zones — such as a design zone, assembly zone and services zone — allowing people to navigate according to their interest.

UPDATE 4:
This afternoon, I sat down with Patrick W. McGibbon, the vice president of strategic information and research for the Association for Manufacturing Technology (AMT) to get his insight on current trends affecting the manufacturing industry. (AMT is the show’s sponsor.) McGibbon, who has attended well over a dozen IMTS conferences in his career, worked for the U.S. Department of Commerce prior to joining AMT in 1992.

He said that in his 15 times as an attendee, he has seen an increase in production areas, including additive manufacturing, rapid prototyping and nanotechnology. He optimistically noted that the U.S. manufacturing industry as a whole currently has the lowest trade deficit since the 1980s.

McGibbon also provided insight on advancements and developments in machinery, noting that new technologies are thriving thanks to software advances and improvements in managerial education. Today, a single machine can perform a wide range of tasks, producing “a square shape, the next time a flat shape, the third time a round shape,” according to consumer demand and output requirements down the line. This level of adaptability is now widely familiar to most production facilities. “You throw on top of that the standalone machines, and you see product production starts to improve in speed and in quality.”

Yet it seems almost too good to be true. With such speed, precision and bulk-product fabrication, I asked him whether he saw any downside to advancements in technology. He cited cutbacks in the workforce as a major area of concern.

McGibbon added that while education costs may be high, receiving high-level instruction — like master machinery training — can be profitable in the long term, considering the pay increases commensurate with seniority within a business.