Study Shows Manufacturing Optimism Buoyed by Innovation and Adaptability
The study found that manufacturers appear more likely than other sectors to do business differently than they did pre-pandemic, with a new focus on productivity and efficiency.
While manufacturers continue to face supply chain disruptions as a result of the pandemic, these companies are more optimistic (65%) than the national average (52%), saying they expect overall economic conditions in the U.S. will improve, according to a recent study from Umpqua Bank. Manufacturers also appear more likely than other sectors to do business differently than they did pre-pandemic. About 73% of companies surveyed expect to maintain most or all of the changes put in place since March of last year. That’s far higher than the national average of 54% and any of the eight industry cohorts covered in the survey.
The findings are part of a “2021 Business Barometer” report released by Umpqua Bank that provides insight on the mood, mindset, and strategic priorities of nearly 1,200 leaders at small and mid-size U.S. companies. The survey breaks down results into seven major industries.