The Wisconsin Center for Manufacturing & Productivity (WCMP) released its fourth annual Wisconsin Manufacturing Report on Wednesday. The report shows manufacturers are more optimistic about the economy and their businesses despite ongoing concerns about worker shortages and inflationary pressures. The WCMP, in collaboration with WMEP Manufacturing Solutions (WMEP) and the UW–Stout Manufacturing Outreach Center (MOC), gathered these insights from 400 interviews with manufacturers across Wisconsin and five focus groups.
The report still shows workforce issues atop the list of concerns for most manufacturers, with 79% of participants saying it is difficult to find qualified workers and 52% currently looking to fill open positions. Larger manufacturers struggle with workforce issues more than smaller firms and lean into technology to maintain their growth in the face of these shortages.
Manufacturers are beginning to realize the extent to which new technology exposes their operations to more cyberattacks. Focus group discussions showed that most manufacturers understand the threat and are taking countermeasures. Still, none in the group said that these threats would slow their technology adoption efforts.
Manufacturers report that they expect finding new customers and markets to be their main source of future growth, with over half investing a significant or modest amount in sales and marketing efforts. The report also found that, despite these investments, referrals or word of mouth are the primary source of new customer acquisition across manufacturers of all sizes.
