American Manufacturing Resurgence: Reshoring Accelerates Significantly And Manufacturing Becomes A Digital-First Industry As CEOs Invest In Emerging Technologies Like Artificial Intelligence (AI), Robotics And More
April 17 2023 - 8:14AM
An accelerating number of CEOs whose companies depend on
manufacturing to produce and deliver their goods are planning or
have already successfully re-shored some of their overseas
operations, the latest quarterly survey on American manufacturing
resilience finds. The poll, a joint effort with Forbes, Xometry and
veteran polling firm John Zogby Strategies, tracks CEO and
decision-maker sentiment at more than 150 leading companies
nationally and finds that 82% of CEOs have or are actively
embracing reshoring strategies, up significantly from 55% in the
previous survey fielded in January.
Fueling the reshoring strategy is growing optimism in American
manufacturing. The survey finds that more CEOs – 71% now vs 64% in
Q1 – believe there is enough manufacturing capacity in America to
address the world’s supply chain concerns. As they bring
manufacturing closer to home, CEOs and their management teams are
making good on their promise to embrace technology, especially AI,
to modernize their operations and future-proof their businesses.
While 59% of CEOs saying investing in digital/automated workflows
is their #1 strategy, a growing majority – 51% – are now investing
in AI, significantly ahead of robotics, at 30%. Nearly all CEOs and
decision-makers (97%) said they believe AI will play a large role
in their future operations.
For those companies investing in AI, 68% have seen a significant
ROI while just 27% of respondents say more time is required before
they see any significant return. Only 5% are still developing AI
for their operations.
“CEOs are optimistic about the future of American manufacturing
and business in general, and are increasingly embracing AI and
other digital tools to navigate a constantly changing environment,”
said Randy Altschuler, CEO of Xometry. “The pandemic, the global
supply chain crisis and now the emergence of AI on a wide scale are
combining to accelerate manufacturing’s digital transformation and
reinject much needed resources into the more than 500,000 small-
and medium manufacturers across the country. All of the ingredients
are there to make American manufacturing as strong as it has ever
been.”
“After three consecutive quarterly surveys measuring how
manufacturing CEOs are allocating their capital and resources, it's
clear why a vast majority are optimistic despite major headwinds:
they are effectively leading industry into the digital age,” said
Jeremy Zogby, Managing Partner of Zogby Strategies.
When it comes to the economy, executive sentiment remains
positive, despite the recent banking crisis. Eighty-seven percent
are firmly committed to their original 2023 strategic plans and 97%
say the future's looking bright or that they see light at the end
of the tunnel, up slightly from 95% in the last survey. Still, the
vast majority of CEOs and corporate decision-makers – 89% – now say
that a recession is likely or very likely to occur this year and
more than half – 54% – say the Federal Reserve should lower
interest rates.
Additional survey findings include:
- 84% of the companies embracing AI are deploying the technology
to solve supply chain management/operations; 76% for manufacturing
procurement; 58% for digital procurement; 57% for quality control,
and 40% for job management/automation;
- When it comes to robotics, 44% are developing autonomous mobile
robots; 33% for articulated robots, and 22% for automated guided
vehicles;
- 39 percent of CEOs are expected to hire more, while 56% will
maintain their employee current staffing levels. Less than 5% said
they are considering a reduction in their workforce.
- 58% of decision-makers said they are increasing wages this
year; 38% are maintaining current wage levels, and only 3% said
they are decreasing.
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 StrategiesA 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.
About XometryXometry (NASDAQ:XMTR) powers the
industries of today and tomorrow by connecting the people with big
ideas to the manufacturers who can bring them to life. Xometry’s
digital marketplace gives manufacturers the critical resources they
need to grow their business while also making it easy for engineers
and purchasers at small and large enterprise companies to tap into
global manufacturing capacity and create locally resilient supply
chains.
Press contacts:
Illume PRXometry@illumePR.comMatthew
HutchisonMatthew.Hutchison@Xometry.com
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Apr 2023 to Apr 2024