The industrial and manufacturing sector demonstrated continued strength last year, building on the momentum it gained emerging from the COVID-19 pandemic. However, the sector dealt with various macroeconomic challenges, including supply chain disruptions, high inflation, labor shortages, and economic uncertainty.
Despite macroeconomic headwinds, total industrial production grew 1.6% year-over-year in December 2022. Furthermore, increasing federal spending should boost the industrial sector’s growth.
