August 5, 2022 - The results of the annual Marcum National Manufacturing Survey are here, and they show an industry battling conflicting forces: there are optimism and supply chain challenges; inflation and higher interest rates. Discussions of recession cannot be avoided.
Participation in the survey doubled from 2021. This year’s survey was distributed to manufacturing business owners, operations managers, service providers, finance professionals and more, asking respondents to weigh in on how their companies performed over the past 12 months and what they expect in the year ahead.
There were common themes and challenges this year, such as an aging workforce and The Great Resignation, yet nearly all survey respondents reported an increase in revenue. To achieve those results, are they doing more with less, working through a significant backlog from supply chain disruptions, or implementing smart manufacturing? Click through to see the responses to top-of-mind manufacturing opportunities and challenges, including:
Overall, respondents’ optimism is real, but it is cautious. The business effects of COVID-19 have been mitigated, the government incentives have ended, and productivity and overtime have returned. There is hope for a return to normal — but what is the new normal? With a continued labor shortage and an aging workforce, hiring, recruiting and retention will look different than ever before. Smart manufacturing as a pathway to workforce efficiency — one strategy to address these challenges — is discussed in the survey findings.
Additional insights on cybersecurity and logistics provide essential considerations for manufacturers’ strategic planning, pricing, and risk management.
We invite you to download a copy of the full report here. We also welcome your thoughts and observations on our findings. A spirited discussion with your Marcum advisor about the implications for your business and potential strategies to address the issues raised would be a valuable next step.
For questions about Marcum’s manufacturing survey, or other manufacturing issues or business challenges, please contact Jonathan J. Shoop at 216-242-0820 or firstname.lastname@example.org.