S&P Global, “Strongest improvement in manufacturing performance since September 2022,” news release, Feb. 1, 2024.
Chris Williamson, “US manufacturing purchasing managers’ index sends warning signals on economic conditions,” S&P Global, Sept. 3, 2024.
S&P Global, “Manufacturing production continues to fall, but at slowest pace in three months,” news release, Nov. 1, 2024.
US Bureau of Labor Statistics, “Databases, tables, and calculators by subject,” Nov. 8, 2024.
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.
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.
Victoria Bloom and Mary Frances Holland, “2024 third quarter manufacturers’ outlook survey,” National Association of Manufacturers, Oct. 4, 2024.
Deloitte analysis of Institute for Supply Management data sourced from Refinitiv Workspace, accessed Nov. 5, 2024.
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.
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.
US Census Bureau, “Total construction spending.”
Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
Bryan Mena, “‘The time has come’: The Fed just sent a crucial message about its next move,” CNN, Aug. 23, 2024.
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.
US Bureau of Labor Statistics, “Quits levels and rates by industry and region, seasonally adjusted,” Oct. 29, 2024.
US Bureau of Labor Statistics, “Compensation (not seasonally adjusted).”
Stephanie Ferguson Melhorn, Jenna Shrove, and Isabella Lucy, “Data deep dive: The workforce of the future,” US Chamber of Commerce, Oct. 4, 2023.
Stephanie Ferguson Melhorn, “Understanding America’s labor shortage: The impact of scarce and costly child care,” US Chamber of Commerce, June 26, 2024.
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.
Ibid.
UKG, “2024 manufacturing talent trends report,” accessed Nov. 11, 2024.
Coykendall, Hardin, Morehouse, Reyes, and Carrick, “Taking charge.”
Ibid.
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.
Ibid.
Ibid.
Coykendall, Hardin, Morehouse, Reyes, and Carrick, “Taking charge.”
Ibid.
Ibid.
Jim Rowan, Beena Ammanath, Costi Perricos, Brenna Sniderman, and David Jarvis, “Now decides next: Moving from potential to performance,” Deloitte, August 2024.
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.
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.
Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
US Center for Advanced Manufacturing, “State of US manufacturing,” accessed Nov. 11, 2024, p. 34.
Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
Brousell, “Manufacturers see AI as a ‘game changer’ as they ramp up investments.”
Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
Ibid.
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.
Rowan, Ammanath, Perricos, Sniderman, and Jarvis, “Now decides next.”
Rockwell Automation, “Ninth annual state of smart manufacturing report,” accessed Nov. 11, 2024.
Brousell, “Manufacturers see AI as a ‘game changer’ as they ramp up investments.”
Deloitte analysis of Institute for Supply Management data sourced from Refinitiv Workspace, accessed September 2024.
Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
Erin Spampinato, “Summer shipping costs rise in response to US labor disputes, ongoing route disruptions,” SeafoodSource, Sept. 12, 2024.
Kalish and Gibbard, “United States Economic Forecast”; Robyn Gibbard, “United States Economic Forecast, second quarter, 2024,” Deloitte Insights, June 20, 2024.
Elida Moreno and Marianna Parraga, “Panama Canal’s bottleneck eases, some vessels detour,” Reuters, Aug. 23, 2023.
Kalish and Gibbard, “United States Economic Forecast.”
Ibid.
Joe McKendrick, “People (with help from AI) make the supply chain go round,” Forbes, Jan. 10, 2024.
Pablo Valerio, “Supply chains threatened by trifecta of challenges,” Electronics Purchasing Strategies News, Sept. 3, 2024.
L2L, “Manufacturing in crisis: Report uncovers key challenges for manufacturers combatting the skilled labor crisis,” Cision PRWeb, July 9, 2024.
Deloitte analysis of data from Gartner: Brian Whitlock, “Next moves for supply chain leaders following the US port strike,” Gartner, Oct. 4, 2024.
Bloom and Frances Holland, “2024 third quarter manufacturers’ outlook survey.”
United Nations Development Programme, “A ‘super year’ for elections,” accessed Nov. 11, 2024.
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.
Elizabeth Molacek, PhD, Benjamin Finzi, and Brett Weinberg, “Summer 2024 Fortune/Deloitte CEO survey,” Deloitte, June 26, 2024.
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.”
Kilpatrick, Berckman, Faver, Hardin, and Sloane, “Restructuring the supply base.”
Ibid.
Rockwell Automation, “Ninth annual state of smart manufacturing report.”
Ibid.
American Productivity and Quality Center, “2024 supply chain priorities and challenges,” Feb. 22, 2024.
Ibid.
Deloitte Digital, Digital Maturity Index Survey 2023, June 2023.
Rockwell Automation, “Ninth annual state of smart manufacturing report.”
Kudzai Manditereza, “How unified namespace drives efficiency, quality in manufacturing,” Control Engineering, March 29, 2024.
Natan Linder, “Simplifying the complex world of manufacturing with software-defined factories,” Forbes, Feb. 20, 2024.
Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
Ibid.
Ibid.
Rockwell Automation, “Ninth annual state of smart manufacturing report.”
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.
John Coykendall, Kate Hardin, John Morehouse, and David R. Brousell, “Exploring the industrial metaverse,” Deloitte Insights, Sept. 13, 2023.
Ibid.
Deloitte analysis of insights gleaned from manufacturing company press releases through September 2024.
Blair LaCorte, “Software-driven business models: The future of the automotive industry,” Forbes, March 2, 2022.
Berckman, Chavali, Robertson, Nikulin, Hardin, and Morehouse, “The future of the digital customer experience in industrial manufacturing and construction.”
Ibid.
Ibid.
Michael Wayland, “Ford delays new electric vehicle plant and cancels electric three-row SUV as it shifts strategy” NBC News, Aug. 21, 2024.
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.”
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.”
Deloitte analysis of company reports via AlphaSense.
John Deere, “2023 business impact report,” Jan. 17, 2024.
Cummins Inc., “2023 to 2024 Cummins sustainability progress report,” July 2024.
Newmont Corporation, “2023 sustainability report,” accessed Nov. 11, 2024; Newmont Corporation, “Newmont receives first battery-electric large mining truck,” Oct. 29, 2024.
Deloitte analysis of company reports via AlphaSense.
Ibid.
Molacek, PhD, Finzi, and Weinberg, “Summer 2024 Fortune/Deloitte CEO survey.”
United Nations Development Programme, “A ‘super year’ for elections.”
Wayne Duggan, Farran Powell, and Jenn Jones, “Interest rate forecast 2025: Consumers can expect lower rates,” USA Today, Oct. 29, 2024.
Kalish and Gibbard, “United States Economic Forecast.”
