The 2022 Wisconsin Manufacturing Report
Last month, as companies nationwide celebrated Manufacturing Month, the Wisconsin Center for Manufacturing & Productivity released the second annual Wisconsin Manufacturing Report, in partnership with WMEP Manufacturing Solutions and the UW-Stout Manufacturing Outreach Center. A survey of 400 executives, coupled with a series of five focus groups, painted a picture of the industry across the Badger State, with 23% of respondents representing the New North region.
Taking issue
Top concerns cited by Wisconsin manufacturers in 2022:
- Cost of materials: 57%
- Keeping qualified employees: 55%
- Availability and supply of materials: 53%
- Finding and attracting qualified employees: 53%
- Overall inflation: 49%
365 days different
50% | said the state’s business climate is “heading in the right direction” in 2022, compared with 55% in 2021.
67% | of companies said they are considering raising prices, up from 62% a year ago.
48% | plan to increase their investments in systems, technology and automation, up from 43% in 2021.
84% The number of respondents reporting hiring difficulties in 2022. 48% said it is “very difficult” to find qualified workers, with 36% describing the endeavor as “somewhat difficult.”
Dipping point
Gross revenues (-6), profitability (-10) and capital expenditures (-13) are expected to be down in 2022 compared to 2021.
Importance of automation
Respondents were asked, “How important do you think automation will be to your company’s future?”
Cyber confidence
87% of respondents said they were somewhat or very confident their company was secure from hacking, data breaches and other technological threats, up from 81% in 2021. Confidence and past experience with hackers appears to be statistically linked, however.
Post pandemic
Respondents were asked, “How much has your company recovered from the COVID-19 pandemic?”
- Completely/Mostly: 57%
- About halfway: 27%
