The manufacturing sector as a whole continues to rebound from the turmoil of the past two years. According to ISM’s Spring 2022 Semiannual Economic Forecast, manufacturing is expected to expand in 2022 and revenue is expected to increase on average by 9.2%. This is 2.7 percentage points higher than the December 2021 forecast of 6.5%.
Here’s what the food, beverage, and tobacco industry expects for the remainder of the year:
- Increased revenue
- Employment growth
- Production capacity increases
- Year-over-year increases in capital expenditures
- Price increases