The report outlines research results surrounding the challenges, legislation and priorities affecting businesses within the manufacturing sector in 2023.
FREDERICK, Md., March 20, 2023 /PRNewswire-PRWeb/ -- Regional premier advisory firm, Brown Schultz Sheridan & Fritz (BSSF), has partnered with LEA Global to publish the 2022-2023 Manufacturing Outlook Survey and Insights report. The report outlines research results surrounding the challenges, legislation and priorities affecting businesses within the manufacturing sector in 2023.
Survey data for the report was gathered from a concentrated sample of middle-market and large global manufacturers within a variety of industries. The theme for this year's report is "Foundations for Success," as respondents communicated a strong focus on plant and capital investments that will support more automated and productive companies in the future. The research results indicate that manufacturing leaders are focused on long-term growth and are restructuring their sourcing strategies while investing in new product and process research.
Key survey highlights from the report include:
- 40% of participants are forecasting a 10% to 20% revenue growth in 2023, while 19% expect revenue to remain unchanged through the second quarter of the year.
- Manufacturers are looking for supplier relationships closer to home and are placing more trust in their regional economies.
- More dollars are being invested in plant modernization, including new equipment, enterprise resource planning systems and robotics.
- There has been an increase of investment in new technology tools, product and service development and business intelligence data.
"The manufacturing sector affects virtually every other industry and is a significant contributor to our economy, supply chain, job market and overall business community," said Ken Wolfe, President and Managing Principal at BSSF. "With such an important role in society, it is critical for us to understand the general outlook for the manufacturing industry amidst the economic and labor market challenges we all are facing currently. We were honored to partner with LEA Global on the critical research we need to continue providing exceptional service to our highly valued manufacturing clients."
BSSF specializes in providing professional services to the manufacturing industry. The BSSF Manufacturing and Distribution Practice team has over 30 years of experience providing attest, tax and business consulting services for manufacturers and distributors across the Mid-Atlantic region. BSSF's manufacturing industry clients were invited to contribute their feedback towards the report via an online survey.
BSSF released the 2022-2023 Manufacturing Outlook Survey and Insights report in partnership with LEA Global, an international organization of independently owned consulting and accounting firms. BSSF is an active member of LEA Global, enabling the Firm to access the resources of a multibillion-dollar global professional services organization and providing business development, professional training and education, and peer-to-peer networking opportunities, both nationally and globally. The Manufacturing Outlook Survey and Insights report is published regularly by LEA Global's Manufacturing collaboration group.
To access the full 2022-2023 Manufacturing Outlook Survey and Insights report, please visit https://www.bssf.com/blog/manufacturing-industry-report/ and fill out a brief contact form.
To learn more about BSSF's membership with LEA Global, please visit https://www.bssf.com/about/lea-global/.
ABOUT BROWN SCHULTZ SHERIDAN & FRITZ
Brown Schultz Sheridan & Fritz (BSSF) is a premier advisory firm, providing accounting, assurance, tax and consulting services to clients across the United States. BSSF is nationally ranked the #2 Best Accounting Firm to Work For in the mid-sized category, the #3 Best Firm for Young Accountants and a Top Regional Firm in the Mid-Atlantic. In 2022, BSSF was named the #1 Best Place to Work in PA in the medium-sized company category for the third consecutive year. Learn more at http://www.bssf.com.
Media Contact
Jeshanah Fox Marketing Director, Brown Schultz Sheridan & Fritz, 717.761.7171, [email protected]
SOURCE Brown Schultz Sheridan & Fritz
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