- Nearly Two-Thirds Believe America’s Vast Manufacturing Industry Can Solve The World’s Supply Chain Concerns
- Half of American CEOs Plan To Further Reshore Operations In 2023
- More Than 70% Of CEOs Are Investing In Automation, Digital Workflows And R&D, And More Than Half Are Investing In Artificial Intelligence
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
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
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 Strategies
A 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.
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