Transformative Shifts: A Recap of the Industrial Sector’s Performance in 2023

Remarkable changes throughout the year signal a potential turning point in U.S. trade dynamics, the latest CommercialEdge report notes.

In 2023, the industrial sector underwent significant changes characterized by the normalization of port activity, a surge in North American manufacturing and the impact of interest rate hikes on transactions and development, according to the latest CommercialEdge industrial report.

Major ports experienced a return to pre-pandemic levels, handling 17 percent fewer containers through October, due to subdued demand and shifting consumer preferences. The normalization of port activity was also influenced by manufacturers embracing nearshoring and reshoring, marking a potential turning point in U.S. trade, with Mexico surpassing China as the top trade partner.