Accelerating Reshoring Strategies Spur CEOs To Modernize America’s Vast Manufacturing Industry, The Latest “Building American Manufacturing Resilience” Poll With Forbes And Zogby Reveals
11 January 2023 - 12:15AM
More than half of American CEOs (55%) whose companies depend on
manufacturing to produce and deliver their goods have plans to
reshore their operations – and nearly all of those CEOs (95%) said
they would do so this year. The vast reshoring effort is also
fueling a new modernization wave, with CEOs investing in robotics,
automation, and digital workflow tools as they ramp domestic
production. The findings are the result of the latest quarterly
survey on American manufacturing resilience released by Xometry in
a joint effort with Forbes and powered by veteran polling firm John
Zogby Strategies.
Tracking CEO and decision-maker sentiment at more than 150
leading companies nationally, the quarterly survey reveals
executives believe supply chain concerns will persist well into the
foreseeable future. Nearly 90 (89%) don’t expect supply chain
disruptions to abate any time soon, and nearly two-thirds of those
CEOs, or 64%, agree that there is enough manufacturing capacity in
America to address the world’s supply chain concerns.
“Major legislation like the CHIPS and Science Act, the Inflation
Reduction Act and the Infrastructure law helped buoy reshoring in
2022, and we expect that trend to accelerate in 2023 as companies
further build supply chain resilience,” said Randy Altschuler, CEO
of Xometry. “CEOs recognize that tapping into America’s vast
manufacturing infrastructure can help solve most of the world’s
supply chain problems. As they bring production back to the States,
CEOs are also modernizing shops across the country, deploying
digital workflow technologies, investing in new processes, and
embracing automation.”
Automation, robotics and digital workflow tools are among the
modernization efforts CEOs are pursuing. The survey finds:
- 72% (up from 66% in the previous survey) are investing in
automation and digital workflows;
- 71% (consistent with last quarter) are pouring more money into
R&D;
- 58% (down slightly from 63%) are investing in artificial
intelligence;
- 47% (up from 42%) are investing in robotics.
Nearly 8 in 10 CEOs say they are stockpiling goods and materials
to provide a buffer against disruptions; in the last survey, 77%
reported shortages in finding components for products.
Although inflation concerns persist, CEOs are optimistic about
the economy. The overwhelming majority of CEOs, 95%, are
optimistic. Sixty percent agreed with the statement that the
“future is bright,” and 35% said they see “light at the end of the
tunnel,” Only 4.7% agreed with the statement “we’re still in
darkness.” Fifty-four percent of CEOs said they will raise prices,
up from 44% last quarter, with 91% expecting to raise prices
between 5%-20%. Furthermore, the number of CEOs who say a recession
will take place in 2023 fell from 65% in August to 56% in
December.
“The resilience of American manufacturing and enterprise in
general is astounding,” said Jeremy Zogby, Managing Partner of
Zogby Strategies. “CEOs are optimistic and embracing innovation,
which are the most-important factors that will drive resilience and
manufacturing in 2023.”
Xometry’s two-sided marketplace plays a vital role in the rapid
digital transformation of the manufacturing industry, connecting
enterprise buyers with manufacturers who build the big ideas that
fuel the global economy. Xometry’s AI-driven instant quoting
engine, cloud-based software and digital sourcing tools are deeply
embedded with procurement managers, buyers and engineers on one
side and thousands of manufacturers on the other side. Xometry’s
proprietary technology shortens development cycles, drives
efficiencies within corporate environments and helps stabilize
supply chains to make them more resilient.
About John Zogby StrategiesA full suite veteran
survey research company known for accuracy, quick turnaround and
vast experience polling in 80+ countries covering a wide sector
including politics, market research, branding, and trendspotting.
Learn more at www.johnzogbystrategies.com.
About XometryXometry (NASDAQ:XMTR) powers the
industries of today and tomorrow by connecting the people with big
ideas to the manufacturers who can bring them to life. Xometry’s
digital marketplace gives manufacturers the critical resources they
need to grow their business while also making it easy for engineers
and purchasers at small and large enterprise companies to tap into
global manufacturing capacity and create locally resilient supply
chains.
Press contacts:Illume PRXometry@illumePR.comMatthew
HutchisonMatthew.Hutchison@Xometry.com
Xometry (NASDAQ:XMTR)
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