The Wisconsin Center for Manufacturing and Productivity presented key findings from a survey and series of focus groups conducted among manufacturing executives in Wisconsin.
Surveys were conducted Aug. 16 through Sept. 21, and focus groups were conducted throughout the state Oct. 5-7.
Key findings included:
- Wisconsin business executives say the business climate is heading in the right direction but that it is worse today than it was five years ago, with 55% saying they think the business climate is headed in the right direction and 34% saying it’s on the wrong track. 21% said things are better now than five years ago; 44% said things have gotten worse; 32% said they’re about the same.
- Over half of manufacturers say the state’s economy is not growing, with pessimism running higher among smaller companies.
- Economic optimism is highest in the Madison area and lowest in the north and northwest parts of the state. 37% of respondents in the New North said the economy is growing, compared to 49% in Madison and 41% in Milwaukee.
- Wisconsin manufacturing executives are confident about their companies’ financial outlook. 84% of smaller employers (1-49 workers) and 91% of large employers (50-plus workers) said they’re totally confident about their company’s financial outlook.
- Smaller companies are more concerned about supply chain issues, while larger employers worry more about their workforce. Those employing 1 to 49 workers cited cost of materials and availability of materials as their No. 1 and 2 concerns, respectively. Those employing 50 or more workers cited finding and attracting employees and keeping qualified employees as their No. 1 and 2 concerns, respectively.
- About one in six Wisconsin manufacturers say they have been hacked or experienced a data breach of some kind.
- 57% of respondents said it’s very difficult to find workers, 27% said it’s somewhat difficult, 9% said it’s somewhat easy, and 3% said it’s very easy.
In summary, the group said the mood of manufacturers is mixed. On the one hand, most say the state’s business climate is heading in the right direction; projections for revenues, profitability and capital expenditures are on the rise; and nearly nine out of 10 are confident about the financial future of their company. On the other hand, compared to five years ago, more say the economy is getting worse, most say the state’s economy isn’t growing, and COVID-19 has clearly had a significant impact on the industry.
