- FMA
- The Fabricator
- FABTECH
- Canadian Metalworking
Categories
- Additive Manufacturing
- Aluminum Welding
- Arc Welding
- Assembly and Joining
- Automation and Robotics
- Bending and Forming
- Consumables
- Cutting and Weld Prep
- Electric Vehicles
- En Español
- Finishing
- Hydroforming
- Laser Cutting
- Laser Welding
- Machining
- Manufacturing Software
- Materials Handling
- Metals/Materials
- Oxyfuel Cutting
- Plasma Cutting
- Power Tools
- Punching and Other Holemaking
- Roll Forming
- Safety
- Sawing
- Shearing
- Shop Management
- Testing and Measuring
- Tube and Pipe Fabrication
- Tube and Pipe Production
- Waterjet Cutting
Industry Directory
Webcasts
Podcasts
FAB 40
Advertise
Subscribe
Account Login
Search
Manufacturing Institute report shows manufacturers’ approaches to investment decisions
- October 16, 2023
- News Release
- Shop Management
The Manufacturing Institute, the workforce development and education affiliate of the National Association of Manufacturers, in partnership with Cognizant, has released a study that examines the different approaches manufacturers take in making investment decisions.
“As manufacturers continue to evolve, the nature of work and skills must adapt to meet the needs of the changing industry. Manufacturing leaders must prioritize investments to best position their companies in a competitive marketplace and set themselves up for success over the long term,” said NAM Chief Economist and Director for the Center of Manufacturing Research Chad Moutray. “Three investment priorities emerged across manufacturer size and industry: increasing throughput and lowering costs where possible; creating new opportunities for growth; and building a stronger, more resilient workforce. Nearly all the companies we interviewed emphasized the importance of investing in their workforce.”
The study comprised an online survey and in-depth interviews of manufacturing leaders from June to August 2023.
When asked about their top priorities for current dollars, nearly 74% of manufacturers reported building a robust and trained workforce as a key area for investment, which fits in with the larger macroeconomic conditions of the tight labor market and shortage of available workers.
When business leaders were asked how they would spend a marginal $1 million, 61.5% would invest in new equipment. This points toward a desire to make smart investments that will transform operations and the production process, while also ensuring that the workforce can adapt to such changes.
Additional areas of focus for marginal dollar investment included investing in improved processes and operations (60.2%), optimizing existing equipment (53.4%), investing in new equipment (51.7%), investing in new technologies (46.6%), and research and development (44.9%).
When considering their future growth strategies, manufacturers identified a stronger domestic economy for growing sales (69.5%), increased efficiencies in the production process (67.8%), and maintaining a robust and trained workforce (67.0%) as the most significant factors in contributing to expansion.
From survey data and interviews, three investment priorities emerged across manufacturer size and industry: increasing throughput and lowering costs where possible; creating new opportunities for growth; and building a stronger, more resilient workforce.
subscribe now
The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
start your free subscription- Stay connected from anywhere
Easily access valuable industry resources now with full access to the digital edition of The Fabricator.
Easily access valuable industry resources now with full access to the digital edition of The Welder.
Easily access valuable industry resources now with full access to the digital edition of The Tube and Pipe Journal.
Easily access valuable industry resources now with full access to the digital edition of The Fabricator en Español.
- Podcasting
- Podcast:
- The Fabricator Podcast
- Published:
- 04/16/2024
- Running Time:
- 63:29
In this episode of The Fabricator Podcast, Caleb Chamberlain, co-founder and CEO of OSH Cut, discusses his company’s...
- Trending Articles
Tips for creating sheet metal tubes with perforations
JM Steel triples capacity for solar energy projects at Pennsylvania facility
Are two heads better than one in fiber laser cutting?
Supporting the metal fabricating industry through FMA
Omco Solar opens second Alabama manufacturing facility
- Industry Events
16th Annual Safety Conference
- April 30 - May 1, 2024
- Elgin,
Pipe and Tube Conference
- May 21 - 22, 2024
- Omaha, NE
World-Class Roll Forming Workshop
- June 5 - 6, 2024
- Louisville, KY
Advanced Laser Application Workshop
- June 25 - 27, 2024
- Novi, MI