2025 Manufacturing Industry Outlook | Deloitte Insights
S&P Global, “Strongest improvement in manufacturing performance since September 2022,” news release, Feb. 1, 2024.
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Chris Williamson, “US manufacturing purchasing managers’ index sends warning signals on economic conditions,” S&P Global, Sept. 3, 2024.
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S&P Global, “Manufacturing production continues to fall, but at slowest pace in three months,” news release, Nov. 1, 2024.
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US Bureau of Labor Statistics, “Databases, tables, and calculators by subject,” Nov. 8, 2024.
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US Bureau of Labor Statistics, “Compensation (not seasonally adjusted): Employment Cost Index for total compensation, for civilian workers, by occupational group and industry,” Oct. 31, 2024.
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US Bureau of Labor Statistics, “Job openings and labor turnover summary,” news release, Oct. 29, 2024; US Bureau of Labor Statistics, “Table B-1: Employees on nonfarm payrolls by industry sector and selected industry detail,” Nov. 1, 2024; Board of Governors of the US Federal Reserve System, “Industrial production: Manufacturing,” retrieved from Federal Reserve Economic Database, Federal Reserve Bank of St. Louis, Oct. 17, 2024.
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Victoria Bloom and Mary Frances Holland, “2024 third quarter manufacturers’ outlook survey,” National Association of Manufacturers, Oct. 4, 2024.
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Deloitte analysis of Institute for Supply Management data sourced from Refinitiv Workspace, accessed Nov. 5, 2024.
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Clean Economy Tracker, “Clean Economy Tracker – Providing real-time information on the clean energy and technology manufacturing industry in the United States,” accessed Nov. 21, 2024.
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US Census Bureau, “Total construction spending: Manufacturing in the United States,” retrieved from Federal Reserve Economic Database, Federal Reserve Bank of St. Louis, Nov. 1, 2024; Ira Kalish and Robyn Gibbard, “United States Economic Forecast, third quarter, 2024,” Deloitte Insights, Sept. 20, 2024.
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US Census Bureau, “Total construction spending.”
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Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
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Bryan Mena, “‘The time has come’: The Fed just sent a crucial message about its next move,” CNN, Aug. 23, 2024.
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Sydney Ember, Jordyn Holman, and Julie Creswell, “Recession risks rise as consumers turn cautious,” The New York Times, Aug. 7, 2024; US Bureau of Economic Analysis, “Real personal consumption expenditures,” retrieved from Federal Reserve Economic Database, Federal Reserve Bank of St. Louis, Oct. 31, 2024.
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US Bureau of Labor Statistics, “Quits levels and rates by industry and region, seasonally adjusted,” Oct. 29, 2024.
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US Bureau of Labor Statistics, “Compensation (not seasonally adjusted).”
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Stephanie Ferguson Melhorn, Jenna Shrove, and Isabella Lucy, “Data deep dive: The workforce of the future,” US Chamber of Commerce, Oct. 4, 2023.
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Stephanie Ferguson Melhorn, “Understanding America’s labor shortage: The impact of scarce and costly child care,” US Chamber of Commerce, June 26, 2024.
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John Coykendall, Kate Hardin, John Morehouse, Victor Reyes, and Gardner Carrick, “Taking charge: Manufacturers support growth with active workforce strategies,” Deloitte Insights, April 3, 2024.
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Ibid.
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UKG, “2024 manufacturing talent trends report,” accessed Nov. 11, 2024.
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Coykendall, Hardin, Morehouse, Reyes, and Carrick, “Taking charge.”
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Ibid.
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Deloitte analysis of data from Gartner: Josie Xing, Sam Grinter, Ron Hanscome, Kelsie Marian, Ranadip Chandra, David Bobo, and Anand Chouksey, “Market guide for workforce management applications,” Gartner, Aug. 1, 2024.
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Ibid.
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Ibid.
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Coykendall, Hardin, Morehouse, Reyes, and Carrick, “Taking charge.”
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Ibid.
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Ibid.
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Jim Rowan, Beena Ammanath, Costi Perricos, Brenna Sniderman, and David Jarvis, “Now decides next: Moving from potential to performance,” Deloitte, August 2024.
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Lindsey Berckman, Ajay Chavali, Pete Robertson, Misha Nikulin, Kate Hardin, and John Morehouse, “The future of the digital customer experience in industrial manufacturing and construction,” Deloitte Insights, Sept. 24, 2024.
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David R. Brousell, “Manufacturers see artificial intelligence as a ‘game changer’ as they ramp up investments,” Manufacturing Leadership Journal, Manufacturing Leadership Council, Aug. 1, 2024.
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Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
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US Center for Advanced Manufacturing, “State of US manufacturing,” accessed Nov. 11, 2024, p. 34.
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Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
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Brousell, “Manufacturers see AI as a ‘game changer’ as they ramp up investments.”
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Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
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Ibid.
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Deloitte analysis of data from IDC: John Snow, Aly Pinder, Jan Burian, Mukesh Dialani, Stephanie Krishnan, and Ko Shikita, “IDC FutureScape: Worldwide manufacturing product and service innovation 2024 predictions,” IDC Corporate, accessed Nov. 11, 2024.
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Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
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Rockwell Automation, “Ninth annual state of smart manufacturing report,” accessed Nov. 11, 2024.
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Brousell, “Manufacturers see AI as a ‘game changer’ as they ramp up investments.”
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Deloitte analysis of Institute for Supply Management data sourced from Refinitiv Workspace, accessed September 2024.
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Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
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Erin Spampinato, “Summer shipping costs rise in response to US labor disputes, ongoing route disruptions,” SeafoodSource, Sept. 12, 2024.
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Kalish and Gibbard, “United States Economic Forecast”; Robyn Gibbard, “United States Economic Forecast, second quarter, 2024,” Deloitte Insights, June 20, 2024.
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Elida Moreno and Marianna Parraga, “Panama Canal’s bottleneck eases, some vessels detour,” Reuters, Aug. 23, 2023.
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Kalish and Gibbard, “United States Economic Forecast.”
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Ibid.
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Joe McKendrick, “People (with help from AI) make the supply chain go round,” Forbes, Jan. 10, 2024.
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Pablo Valerio, “Supply chains threatened by trifecta of challenges,” Electronics Purchasing Strategies News, Sept. 3, 2024.
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L2L, “Manufacturing in crisis: Report uncovers key challenges for manufacturers combatting the skilled labor crisis,” Cision PRWeb, July 9, 2024.
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Deloitte analysis of data from Gartner: Brian Whitlock, “Next moves for supply chain leaders following the US port strike,” Gartner, Oct. 4, 2024.
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Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
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United Nations Development Programme, “A ‘super year’ for elections,” accessed Nov. 11, 2024.
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Jim Kilpatrick, Lindsey Berckman, Alan D. Faver, Kate Hardin, and Matt Sloane, “Restructuring the supply base: Prioritizing a resilient, yet efficient supply chain,” Deloitte Insights, May 23, 2024; US Census Bureau, “Top trading partners: September 2024,” accessed Nov. 11, 2024.
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Elizabeth Molacek, PhD, Benjamin Finzi, and Brett Weinberg, “Summer 2024 Fortune/Deloitte CEO survey,” Deloitte, June 26, 2024.
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National Association of Manufacturers, “2024 first quarter manufacturers’ outlook survey,” March 5, 2024; Mary Frances Holland, “2024 second quarter manufacturers’ outlook survey,” National Association of Manufacturers, June 26, 2024; Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
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Kilpatrick, Berckman, Faver, Hardin, and Sloane, “Restructuring the supply base.”
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Ibid.
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Rockwell Automation, “Ninth annual state of smart manufacturing report.”
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Ibid.
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American Productivity and Quality Center, “2024 supply chain priorities and challenges,” Feb. 22, 2024.
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Ibid.
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Deloitte Digital, Digital Maturity Index Survey 2023, June 2023.
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Rockwell Automation, “Ninth annual state of smart manufacturing report.”
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Kudzai Manditereza, “How unified namespace drives efficiency, quality in manufacturing,” Control Engineering, March 29, 2024.
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Natan Linder, “Simplifying the complex world of manufacturing with software-defined factories,” Forbes, Feb. 20, 2024.
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Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
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Ibid.
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Ibid.
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Rockwell Automation, “Ninth annual state of smart manufacturing report.”
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Travis Hill, “Simulation is a window into the future of your manufacturing operation,” US Department of Commerce National Institute of Standards and Technology, Jan. 21, 2022.
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John Coykendall, Kate Hardin, John Morehouse, and David R. Brousell, “Exploring the industrial metaverse,” Deloitte Insights, Sept. 13, 2023.
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Ibid.
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Deloitte analysis of insights gleaned from manufacturing company press releases through September 2024.
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Blair LaCorte, “Software-driven business models: The future of the automotive industry,” Forbes, March 2, 2022.
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Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
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Ibid.
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Ibid.
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Michael Wayland, “Ford delays new electric vehicle plant and cancels electric three-row SUV as it shifts strategy” NBC News, Aug. 21, 2024.
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Haley Cawthon, “Volvo scales back its EV goals,” ESG Dive, Sept. 9, 2024; Wayland, “Ford delays new EV plant and cancels electric three-row SUV as it shifts strategy.”
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This analysis examines reports from industrial companies, including manufacturers of machinery, electrical equipment, and industrial conglomerates, that include references to either “electrification” or “scope 3 emissions.” Deloitte also analyzed company reports of two sectors that often serve as customers to these industries—engineering and construction, and mining and metals—which mention either “electrification” or “scope 1 emissions.”
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Deloitte analysis of company reports via AlphaSense.
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John Deere, “2023 business impact report,” Jan. 17, 2024.
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Cummins Inc., “2023 to 2024 Cummins sustainability progress report,” July 2024.
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Newmont Corporation, “2023 sustainability report,” accessed Nov. 11, 2024; Newmont Corporation, “Newmont receives first battery-electric large mining truck,” Oct. 29, 2024.
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Deloitte analysis of company reports via AlphaSense.
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Ibid.
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Molacek, PhD, Finzi, and Weinberg, “Summer 2024 Fortune/Deloitte CEO survey.”
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United Nations Development Programme, “A ‘super year’ for elections.”
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Wayne Duggan, Farran Powell, and Jenn Jones, “Interest rate forecast 2025: Consumers can expect lower rates,” USA Today, Oct. 29, 2024.
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Kalish and Gibbard, “United States Economic Forecast.”
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