Investments (Cont’d from Page 1)
success over the long term. Three investment prior- ities emerged across manufacturer size and indus- try: 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 consisted of an online survey and in- depth interviews of manufacturing leaders from June to August 2023. Making Priorities When asked about their top priorities for current dollars, nearly 74 percent of manufacturers report- ed building a robust and trained workforce as a key area for investment, which fits in with the larger macroeconomic conditions of the tight labor mar- ket and shortage of available workers. When business leaders were asked how they would spend a marginal $1 million, 61.5 percent would invest in new equipment. These findings point 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 in-
vestment included investing in improved processes and operations (60.2 percent), optimizing existing equipment (53.4 percent), investing in new equip- ment (51.7 percent), investing in new technologies (46.6 percent) and research and development (44.9 percent). When considering their future growth strategies, manufacturers identified a stronger domestic econ- omy for growing sales (69.5 percent), increased ef- ficiencies in the production process (67.8 percent) and maintaining a robust and trained workforce (67.0 percent) as the most significant factors in con- tributing to expansion.
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October 23, 2023 3
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