More than half of American CEOs (55%) whose companies depend on manufacturing to produce and deliver their goods have plans to reshore their operations, according to a survey released March 9 by Xometry in a joint effort with Forbes and powered by polling firm John Zogby Strategies. The “Building American Manufacturing Resilience” poll found that nearly all of those CEOs (95%) said they would do so in 2023.
The report’s authors say this vast reshoring effort is also fueling a new modernization wave, with CEOs investing in robotics, automation, and digital workflow tools as they ramp domestic production.
Tracking CEO and decision-maker sentiment at more than 150 leading companies nationally, the quarterly survey reveals 89% of executives don’t expect supply chain disruptions to abate any time soon, and nearly two-thirds agree that there is enough manufacturing capacity in America to address the world’s supply chain concerns.
“Major legislation like the CHIPS and Science Act, the Inflation Reduction Act and the Infrastructure law helped buoy reshoring in 2022, and we expect that trend to accelerate in 2023 as companies further build supply chain resilience,” said Randy Altschuler, CEO of Xometry, a digital marketplace for manufacturers and buyers.
Nearly eight in 10 CEOs say they are stockpiling goods and materials to provide a buffer against disruptions; in the last survey, 77% reported shortages in finding components for products.
Although inflation concerns persist, 95% of CEOs are optimistic about the economy.