There is much information available for the 2023 manufacturing industry outlook. We are giving a viewpoint from a small business perspective. We are a small CNC machine shop.
The Big Outlook
According to Deloitte, there are five manufacturing industry trends to watch:
- Continued investments in advanced technologies can help develop agility and resiliency.
- The labor market will remain tight. Talent retention strategies will be needed.
- Supply chain issues will persist. Local sourcing is being sought.
- “Smart” factories are being developed, including metaverse platforms.
- A focus on environmental, social, and governance (ESG) issues.
A Small Machine Shop Viewpoint
For at least the first half of 2023, we are concerned about a general economic slowdown. As a small business, we can be nimble and work through any slowdowns. We’ve been in business for over 40 years. This would not be the first slowdown we’ve worked through.
We are hopeful that the larger manufacturing companies are serious when they talk about local sourcing. Perhaps supply chain lessons have been learned and local sourcing will really happen.
We will continue investing in new technologies, software, tooling, and equipment. These investments coupled with our work ethic and customer service will lead to our continued success.
We hope you have a great 2023!