Manufacturers are focused on long-term growth; modernization

Amidst projected slow to flat growth in 2023, manufacturers are focused on long-term growth and restructuring.  

Camp Hill-based Brown Schultz Sheridan & Fritz (BSSF), in partnership with LEA Global, published its 2022-2023 Manufacturing Outlook Survey and Insights report that showed 40% of participants are forecasting a 10% to 20% revenue growth for the year, while 19% expect revenue to remain unchanged through the second quarter. 

The report also showed that manufacturers are looking for supplier relationships closer to home and are placing more trust in their regional economies. 

More dollars are being invested in plant modernization, including new equipment, enterprise resource planning systems and robotics, and there has been an increase of investment in new technology tools, product and service development and business intelligence data, the report revealed. 

“The manufacturing sector affects virtually every other industry and is a significant contributor to our economy, supply chain, job market and overall business community,” said Ken Wolfe, president and managing principal at BSSF. “With such an important role in society, it is critical for us to understand the general outlook for the manufacturing industry amidst the economic and labor market challenges we all are facing currently. We were honored to partner with LEA Global on the critical research we need to continue providing exceptional service to our highly valued manufacturing clients.” 

According to BSSF, the report outlines research results surrounding the challenges, legislation and priorities affecting businesses within the manufacturing sector in 2023. 

Survey data for the report was gathered from a concentrated sample of middle-market and large global manufacturers within a variety of industries.  

The theme for this year’s report is “Foundations for Success,” as respondents communicated a strong focus on plant and capital investments that will support more automated and productive companies in the future.  

The research results indicate that manufacturing leaders are focused on long-term growth and are restructuring their sourcing strategies while investing in new product and process research, BSSF said.