Hundreds of supporters of manufactures and manufacturers themselves endured a first wintry snowfall, last Tuesday to hear pollster Rob Autry present the results of this year’s State of Manufacturing® survey at the Minneapolis Marriott Northwest in Brooklyn Park.
It’s always gratifying (and a little astonishing) that so many members of Minnesota’s manufacturing community have consistently shown up in each of the last 14 years to learn what manufacturers consider the challenges and opportunities in the upcoming year.
This year, they heard that after navigating COVID, unprecedented disruptions in their supply chains, and ever-dwindling numbers of available workers, they should now prepare for increased inflation and the likelihood of an economic recession.
The number of manufacturers who fear an upcoming recession has more than doubled over the last year, from 18 percent to 43 percent, according to this latest edition of Enterprise Minnesota’s State of Manufacturing (SOM) survey. While pessimistic about the broader economy, 88 percent of manufacturers have confidence they can withstand a recession. Confidence has been a hallmark of the survey respondents since its inception in 2009.
“Despite strong headwinds, this year’s State of Manufacturing survey shows manufacturing executives expressing optimism about the financial future of their companies,” said Bob Kill, our president & CEO. “I’m convinced that each of the profound business challenges executives have faced in recent years has added to their ability to face future crises.”
I can’t overstate the value of having Rob as our pollster for every State of Manufacturing survey since its inception. He’s not only one of America’s top pollsters, he has gained a real insider’s understanding of Minnesota manufacturing, even though he’s from South Carolina.
Note: The survey results are included in the current issue of Enterprise Minnesota® magazine and can be found on our website at www.enterpriseminnesota.org. Releasing them at a huge gathering of those invested in manufacturing gives Enterprise Minnesota an annual opportunity to showcase the value of manufacturing to our state’s economy to policymakers and thought leaders around the state.
Of special interest this year was our panel of experts, moderated by Bob Kill, to analyze the results from the trenches. Matt Hanson, of Hanson Silo and Jane Meyer of Windings, Inc. represented manufacturers. Enterprise Minnesota’s Steve Haarstad and Abbey Hellickson rounded out insights that give a firsthand view of what the survey findings mean.
It’s a three-hour program and so enjoyable to see how attendees use the popular reception time to discuss how our data will affect them in their businesses. One of the best aspects of the evening is the opportunity for participants to make or strengthen connections. I would use the word networking, but that doesn’t fully capture the energy surrounding the State of Manufacturing event. Bringing the manufacturing community together in this way is a highlight of the year for us. And the great thing is, we get to keep doing it as we take the show on the road in the coming weeks.
We look forward to seeing many of you at those upcoming events around the state.
Find the complete list of upcoming SOM regional events here.
View the complete 2022 SOM survey results here.
View upcoming events here.
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