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According to Deloitte, the manufacturing sector faces a widespread shortage of skilled labor.
Last year, three-quarters of manufacturing executives surveyed by the National Association of Manufacturers showed that "attracting and retaining a quality workforce" is “a primary business challenge."
Some 83% of manufacturers quoted in the report said they believed smart factory solutions "will transform the way products are made in five years."
The Biden administration’s ongoing effort to bolster U.S.-based manufacturing and impose tariffs puts the automation industry in a strategic position to cut costs to remain competitive.
And automation combines emerging technologies in two distinct sectors: artificial intelligence (AI) and robotics. Some of the most prominent plays in this regard include:
Among the automation stocks to watch, include:
In the U.S., several new efforts have sprouted to re-localize key industries domestically, most notably for semiconductors as well as electric vehicles (EVs) and green energy.
The Biden administration continues to push legislation meant to give domestic manufacturing a boost. The 2021 Infrastructure Investment and Jobs Act, for example, allocated $1.2 trillion into construction, transportation, clean energy and digital infrastructure.
There was also the Creating Helpful Incentives to Produce Semiconductors And Science (CHIPS) Act, which put $280 billion to work on regaining the lead on developing and building semiconductors — widely regarded as the most important commodity of decades to come.
Now Read: EXCLUSIVE – Investing In AI? Diversify ‘Beyond The Likes Of NVIDIA’ Says WisdomTree’s CIO
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