Manufacturers more positive going into 2024, survey finds

The survey of over two hundred senior manufacturing executives shows that after a very difficult few years through the pandemic and the shock to energy prices, there are optimistic signs with companies more optimistic about the prospects for manufacturing in 2024. Accordingly, most companies are seeing opportunities outweighing the risks to their business.

Manufacturers are backing this belief with investment in new products, expansion into new markets and accelerating use of new digital technologies to improve their business.

The survey also shows that manufacturers are wary of the prospects for both the UK and global economies, while challenges remain in the faces of increased energy and employment costs, as well as access to domestic skills.

In a statement, Stephen Phipson, chief executive of Make UK, said: “The last few years have been a rollercoaster of emotions for manufacturers, yet they have more than demonstrated their resilience time after time. We are now seeing some hope that conditions may be improving, amid a more supportive and stable policy environment, but this must be cemented within a long-term industrial strategy. While undoubted challenges remain, the accelerating use of digital technologies, our strength in innovation and expansion into new markets sets the scene for manufacturing to be at the heart of efforts to boost growth.”