The manufacturing sector represents nearly a quarter of the New North’s employment base, so its stability is important to anyone doing business in the region.
Attendees at the Northeast Wisconsin Manufacturing Alliance’s quarterly membership meeting Dec. 13 got a first look at the findings of NEWMA’s 14th annual Northeast Wisconsin Manufacturing Vitality Index Study.
The study, administered by the University of Wisconsin Oshkosh’s Center for Customized Research and Services, polls Northeast Wisconsin manufacturers with at least $3 million in revenue and 25 or more employees. In total, 116 manufacturers participated in the survey conducted last fall.
The report found overall optimism from New North manufacturers as they move into the new year. The vast majority of respondents (98%) projected their businesses will be “healthy” or “quite healthy” in the next six to 12 months.
Manufacturers expect increased sales and strong hiring in 2024, with half planning to hire in the first quarter of 2024 and 60% of respondents expecting increased sales this year.
While sales and hiring are expected to be strong, attracting and retaining talent remains a top concern, said NEWMA Executive Director Ann Franz. In-demand positions like CNC machinists, operators, general labor/production workers, engineers and welders remain difficult to fill.
“One of the greatest concerns from manufacturers is not finding the talent they need,” Franz said. “The study found 84% of manufacturers are concerned that they will not find the workforce they need in the new year.”
While this percentage is actually lower than in recent years when as many as 91% have said they couldn’t find necessary talent, Franz added that it’s significant when you consider the first year of the study found only 29% reporting talent concerns.
To read the full report, visit newmfgalliance.org. For a deeper dive into the study, make sure to look for the new edition of Insight on Manufacturing magazine out later this month.
