We are once again very proud to work with PLANT Magazine to provide you with the 2018 Manufacturers’ Outlook survey report [ 4178 kb ]. Many manufacturers from across the country provided their opinions and insights in this year’s survey and, by doing so, painted an in-depth picture of both the opportunities and challenges that lie ahead in the Canadian manufacturing sector.
Overall, companies continue to express a generally optimistic view of the industry and its prospects, indicating manufacturing in Canada is alive and well. We couldn’t agree more. Working with many manufacturers from coast to coast, it’s evident the industry continues to be a critical engine of innovation and driver of employment in communities across the country.
Respondents to the 2018 survey continue to make significant investments in new machinery, equipment and technology, training and R&D while also focusing their growth strategy on expanding sales and distribution channels, both domestically and internationally. This indicates that many manufacturers not only recognize the strong prospects available in this evolving economic environment, but they’re taking some strides toward seizing these opportunities as well. That said, manufacturers continue to face many challenges – particularly in respect to US expansion efforts. With NAFTA hanging in the balance, Canadian manufacturers may have to look beyond our neighbour to the south and leverage the strong manufacturing reputation Canada has earned around the world to thrive in the global marketplace.
Cybersecurity is also a growing risk that is on the minds of many manufacturers. As cyber attacks continue to grow – both in number and complexity – it’s clear that no business is too small to be a target. To successfully move into the future and effectively compete, technology and cybersecurity investments must evolve in tandem.
At Grant Thornton, we have the privilege of serving manufacturers across the country and around the world. We’ve seen them face change head-on and transform challenges into opportunities. After reviewing the results of this year’s Manufacturers’ Outlook survey, and speaking with manufacturers face-to-face, it appears this trend will continue. And we look forward to supporting manufacturers as they boldly navigate through 2018 and beyond.