NEW YORK, Sept. 13, 2023 /PRNewswire/ -- The results of Marcum's 2023 National Manufacturing Survey, which features responses from hundreds of manufacturing CEOs and leaders nationwide, paint a mixed picture of confidence and concern against a backdrop of economic and technological changes. The Consumer and Industrial Products group of accounting and advisory firm Marcum LLP produces the annual survey.
While 71% of respondents displayed optimism about the coming year, concerns about rising interest rates, inflation, labor shortages, and potential slowdowns highlight the challenges ahead.
Key findings of the survey include:
"Understanding these insights is critical for manufacturing businesses charting the future of the industry and their place in it. Our goal with this survey is to provide businesses with the perspective necessary to adapt and thrive," said Michael Sacco, Marcum's National Consumer & Industrial Products Leader. "It's heartening to see the growing emphasis on technological investments, from AI to ERP systems, and attention to improving internal operational efficiencies. While global factors like rising interest rates might introduce caution, the push towards optimizing operations and embracing transformative technologies paints a promising picture for the future."
Amidst the evolving landscape, a striking majority of survey respondents are gearing up for change. Rather than sticking to 'business as usual,' they're reevaluating and reshaping their strategies.
"In this year's survey, we see challenges but also significant opportunities. Many are gearing up to manage cash flow better, invest in technology, and re-strategize workforce planning, and it's clear that a mix of rapid tech advancements and economic uncertainty is the motivating factor. It's also a golden time for those with capital to consider strategic acquisitions, especially with potentially undervalued companies on the market," said Jonathan Shoop, Marcum's Midwest Consumer & Industrial Products Leader. "Proactivity is key. The steps we take now, whether in adopting new technology or fiscal strategies, will set the stage for a brighter future."
For a comprehensive understanding and analysis of the findings, the full Marcum 2023 National Manufacturing Survey report is available for download here: https://info.marcumllp.com/2023-marcum-national-manufacturing-survey
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high-net-worth individuals achieve their goals. Marcum's industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.
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