Manufacturers’ Outlook Survey: Second Quarter 2023
The National Association of Manufacturers Q2 2023 Manufacturers’ Outlook Survey shows manufacturers’ mounting concerns over the onslaught of unbalanced federal regulations and the threat that poses to sustaining manufacturing investment, job creation and wage growth. The NAM conducted the survey from May 18 to June 1, 2023.
Key Findings:
- Only 67% of manufacturers are positive about their own company’s outlook. This is down from 74.7% in Q1, making it the lowest since Q3 2020, and before the pandemic, the lowest since Q3 2019.
- If the regulatory burden on manufacturers decreased, 65% of manufacturers would purchase more capital equipment, and more than 46% would increase compensation.
- More than 63% of manufacturers report spending more than 2,000 hours per year complying with federal regulations.
- If Congress were to enact comprehensive permitting reform, simplifying and speeding up the approval process for new projects, 75.1% of manufacturers say it would be helpful, allowing their company to hire more workers, expand business and/or increase wages and benefits.
- The top challenges facing manufacturers include attracting and retaining a quality workforce (74.4%), weaker domestic economy (55.7%), rising health care/insurance costs (53.1%), unfavorable business climate (52.1%), increased raw material costs (50.8%) and supply chain challenges (44.9%).