Looming Recession? No worries. Manufacturing is ready to invest
Despite rising interest rates and a (possibly?) looming recession, the manufacturing sector is ready to invest in new equipment and technology to improve its operations this year. According to the National Association of Manufacturers’ outlook survey conducted during Q4, approximately 62.4% of respondents agree that a recession will occur this year. Retaining a quality workforce, supply chain challenges, and increased material costs are the top three concerns for manufacturers during this time.
However, despite these concerns, over 65% of respondents are planning to increase capital spending on new equipment and technological improvement. Another 64% are intending to provide additional training to the existing workforce. These manufacturers may want to focus on improving talent in the existing workforce instead of hiring “new talent” due to the increased productivity, improved company culture, and improved retention rates
Taiwan Semiconductor Manufacturing Co. (TSMC), a global leader in semiconductor fabrication, is set to receive a significant boost in the U.S. with up to $6.6 billion in funding from the U.S. government.