The 2023 manufacturing industry report found while manufacturers are more optimistic about their region than the national or global economy, respondents are concerned about overcoming supply chain disruptions, fluctuating fuel and energy pricing and – most importantly – staffing shortages.
We anticipate manufacturers will put a greater focus on plant and labor in 2023. Manufacturers are taking a close look at the foundations of their operations, their talent and their financial outlook. Investing now in key capital improvements such as plant and equipment and ERP systems will help them prepare for an uncertain economy.
“The theme of the 2022-2023 Manufacturing Outlook Survey and Insights report is Foundations for Success. We chose this theme because survey respondents communicated a strong focus on plant and capital investments that will support more automated and productive companies in the future,” said Andrew J. Usery, LBMC Shareholder and Practice Leader of Manufacturing and Distribution. “Our goal is to bring you targeted data and actionable insights and tools that you can apply to today’s fast-paced, evolving environment.”