NYS Manufacturing Conditions Improve In September
Randy Wolken, President & CEO
Manufacturers have indicated that they are growing. The economic landscape remains challenging, but members are responding. This appears to be the case for manufacturers throughout New York State.
According to manufacturing entities answering the September 2023 Empire State Manufacturing Survey, general business conditions index rose significantly and into positive territory. After dropping sharply last month, the general business conditions index reversed course and climbed significantly. Twenty-seven percent of respondents reported that conditions had improved, while twenty-five percent reported that conditions had worsened. Notably, new orders shot up, and the shipments increased greatly. Delivery times remained steady and the unfilled orders index remained below zero, indicating that unfilled orders continued to decline.
The survey showed a slight decline in employment while the average workweek index edged up. The prices paid index held steady while the prices received index rose, signaling a modest pickup in selling price increases. The index for future business conditions rose to its highest level in over a year, suggesting that firms have become more optimistic about their future. New orders and shipments are expected to increase significantly in the months ahead, and employment is expected to grow. Expected capital spending decreased, suggesting that capital spending plans remained somewhat weak.
MACNY members have communicated that they are encouraged by their business prospects for the remainder of 2023. Members are investing in their teams with increased training and coaching. We see firms focused on starting new apprenticeship programs and supporting our awareness efforts with youth through Partners for Education and Business (PEB) efforts. We are adding large numbers of apprentices this fall, and our Manufacturing Day has now stretched to two days and will serve over 500 local students at 11 manufacturing sites.
We know that our efforts to reach the next generation of manufacturing team members are year-round. Please reach out to our team so you can get youth into your facility over the coming year. The need to expose youth and their parents to exciting careers in advanced manufacturing has never been greater. For help with training, please contact Kelly Hyland at [email protected]. To learn more about establishing a Registered Apprenticeship Program, contact Amy Stage at [email protected]. And finally, to explore opportunities to expose youth to your company, reach out to Taylor Hodge at [email protected].