Almost 75% of Canadian metal manufacturers were planning to continue investing in equipment and machinery at the same rate or higher in 2023 compared to 2022. PHOTO courtesy Sandvik Coromant.
The pandemic years have proven strong years for investing in new equipment, albeit frustrating due to significant parts shortages and delivery delays. As the industry and the country emerged from the pandemic last year and the economy started to show signs of slowing, were Canadian metal manufacturers looking to change their equipment investment plans for 2023?
Our annual Equipment Purchasing Intentions Survey indicates almost three quarter (74%) were planning to continue investing at the same or higher rate than the previous year. When asked “do you expect your company to change investment plans for 2023 for new machinery and equipment”, our national survey found that 44.6% of responding metal manufacturers expected to continue their investments at the same rate as in 2022. And 29.4% expected to invest more in 2023. Only 26% expected to lower their new equipment and machinery investments in 2023.
With the economy expected to slow further in 2023, is it likely that metal manufacturers who haven’t yet made good on their equipment and machinery investment plans will hold off on doing so? Our next survey coming this spring will aim to find out. Stay tuned to our INSIDE THE NUMBERS reports.