2023 Manufacturing State of the Market Mid-Year Report

2023 Manufacturing State of the Market Mid-Year Report

Download the 2023  Manufacturing State of the Market Mid-Year Report

In 2022, the manufacturing sector exhibited resilience and reaped benefits from leveraging the momentum gained due to heightened production demands resulting from the COVID-19 situation. This achievement occurred despite persistent challenges related to retaining a skilled workforce and maintaining supply chain stability. However, the outlook for manufacturing enterprises in 2023 appears somewhat mixed. While opportunities exist within the industry, significant obstacles might temper aspirations for sustained success throughout the year.Persisting labor shortages and a deficiency in requisite skills remain a formidable concern for the sector, as evidenced by the record high of 905,000 job openings in the United States in 2022. Although this number diminished to 693,000 in the subsequent year, it remains substantial. Manufacturing firms must innovate strategies to address labor scarcities by investing in talent retention and recruitment efforts. Moreover, labor-related predicaments exacerbate challenges within the supply chain realm. Despite some observable signs of stabilization in contemporary supply chains, numerous manufacturing establishments continue to encounter obstacles in procuring essential raw materials, equipment, and provisions essential for fulfilling orders.

The manufacturing industry has adeptly mitigated the impact of labor scarcities and supply chain disruptions, yet a challenging economic forecast casts a shadow over revenues and profit margins. Inflation, for instance, amplifies operational expenditures and elevates raw material costs, thereby diminishing consumer demand and spending, consequently leading to reduced sales. Get more insights in our full Market Report.


Comments are closed.

Table of Contents

Recents Post
June Pulse
June 2024 The Pulse Newsletter
Golf cc hospitality state of the market
Hospitality, Golf, and Country Club Market Update
Heat Related webpage
Heat Illness and Workers' Safety Precautions

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

Get in contact with an advisor today to see how BKS can support you.