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Press Releases

Consequences of a Higher Corporate Tax Rate: 1 Million Jobs Lost in First Two Years

Timmons: “America can’t afford that, especially now.”

Washington, D.C. – The National Association of Manufacturers released a new study detailing the short- and long-term damage to the American economy under tax proposals to increase the corporate tax rate and repeal policies that made manufacturing in America more competitive around the world.

“Manufacturers want to help President Biden achieve his goal of creating jobs in America and strengthening the supply chain so that our country does not face critical shortages, especially during times of national crises.

“As we slowly emerge from the economic catastrophe caused by COVID-19, American businesses are at a pivotal point in our nation’s history. Manufacturers can, and should, lead the economic recovery in the wake of the pandemic. But this study tells us quantitatively what manufacturers from coast to coast will tell you qualitatively: increasing the tax burden on companies in America means fewer American jobs. One million jobs would be lost in the first two years, to be exact,” said NAM President and CEO Jay Timmons.

“After decades of advocating for a tax system that provided competitive rates and modern international tax provisions, manufacturers in America kept our promises following the enactment of the 2017 tax reforms: we raised wages and benefits, we hired more American workers, and we invested in our communities. If we undo those reforms, all of that will be put at significant risk. Manufacturing workers will lose out on jobs, growth and raises. We should be building on that progress, not rolling it back. But the conclusion of this study is inescapable—follow through with tax hikes that give other countries a clear advantage and we’ll see far fewer jobs created in America.”

The study calculated the effects of increasing the corporate tax rate to 28%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions and more. The negative consequences would include the following:

  • One million jobs lost in the first two years;
  • By 2023, GDP would be down by $117 billion, by $190 billion in 2026 and by $119 billion in 2031;
  • Ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023 and $83 billion and $66 billion less in 2026 and 2031, respectively;
  • And more.

“There are some who are well-meaning and have suggested that the U.S. corporate tax rate should increase, but not by as much as the 28% proposed. Unfortunately, what that means is that America will still lose jobs and investment, just not quite as much. America just can’t afford that, especially now,” Timmons said.

Click here for a summary of the study’s details and findings. Read the full study, “Dynamic Estimates of the Macroeconomic Effects of Tax Rate Increases and Other Tax Policy Changes,” conducted by Rice University economists John W. Diamond and George R. Zodrow,” here

Background on manufacturing growth following the enactment of tax reform in 2017:

  • In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
  • In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and by 3% in 2020. Those were the fastest rates of annual growth since 2003.
  • Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.
  • Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

Manufacturers strongly support President Biden’s focus on bold infrastructure investment, which can be achieved through a combination of revenue sources like those identified in the NAM’s ‘Building to Win.’

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.32 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org

Press Releases

Manufacturers: Build Now for the Post-Pandemic World

When manufacturing is strong, America is strong

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on President Joe Biden’s infrastructure framework.

“The President’s proposal for historic levels of infrastructure investment reflects many of the investment priorities in the NAM’s ‘Building to Win’ plan, and we look forward to reviewing the details. President Biden’s clear focus on strengthening manufacturing and the workforce of the future shows that he is truly committed to building the next post-pandemic world—one that is stronger and more resilient than in pre-pandemic times.

“Manufacturers have played a leading role in the fight against COVID-19, and we will continue to play a leading role in our economic recovery. When manufacturing is strong, America is strong.

“One thing is clear for our industry, though. Raising taxes on manufacturers would fundamentally undermine our ability to lead this recovery. Our industry fought for decades to achieve a tax system that includes competitive rates and modern international tax provisions. As a result of the 2017 reforms, manufacturers kept our promises: we raised wages and benefits, we hired American workers, and we invested in our communities. Raising taxes on manufacturers here at home would jeopardize all of that and make it more difficult for them to compete in the global economy—putting investment, jobs and livelihoods at risk. We believe strongly in bold infrastructure investment, and we know it can be achieved through a combination of revenue sources like those we identified in the NAM’s ‘Building to Win,’ which includes user fees and bond financing for capital projects. We also know that making the men and women who make things in America pay for the infrastructure projects that will benefit all Americans just doesn’t make sense and would harm their future. Let’s keep moving forward and not turn back the clock to the archaic tax policies that gave other countries an advantage over America.

“To be sure, President Biden’s proposal on infrastructure investment is strong, necessary and welcome. Achieving our shared goals will be the result of debate, discussion and collaboration with the administration and both parties in Congress. We can achieve the President’s investment objectives while holding firm against financing proposals that would severely harm the ability of manufacturers to invest and hire workers here in the U.S. We look forward to engaging with all stakeholders to achieve an outcome that benefits all economic sectors and all Americans.”

Background on manufacturing growth following the enactment of tax reform in 2017:

  • In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
  • In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and by 3% in 2020. Those were the fastest rates of annual growth since 2003.
  • Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.
  • Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.32 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

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Why a Navy Machinist Chose a Manufacturing Career

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Derek Read always knew he wanted to join the Navy, and he enlisted after high school—rising to become a machinist’s mate responsible for maintaining, repairing and running the ship’s engine as well as corresponding machines and equipment. However, when it came time to find his next career nine years later, he wasn’t sure what to do—until his research turned up the The Manufacturing Institute’s Heroes MAKE America program, which helped Read translate the skills he already had into a modern manufacturing setting.

  • “It’s definitely been enlightening,” said Read. “For the most part, I had the mechanical background and most of the skills, but HMA bridged the gap and gave me some technical expertise, as well as the extensive knowledge and certifications needed to get hired by a manufacturing company. Overall, it’s been an amazingly positive experience.”

One-on-one: Some of Read’s most valuable experiences were his meetings with executives and hiring officers at different manufacturing companies.

  • “One of the greatest things they’ve given us is facetime with manufacturing company VPs, HR representatives and recruiters,” said Read. “They allowed us to get a better understanding of what was out there and what companies were looking for. Facetime like that is hard to come by unless you’re doing a specialized program like this, and it’s worth a lot.”

What’s next: Today, Read is fielding a few different job interviews, which he received via LinkedIn after Heroes helped him create his profile on the site. “Without HMA, I probably wouldn’t have been approached by those companies,” said Read.

Paying it forward: When asked what advice he’d give to other transitioning servicemembers considering the Heroes program, Read didn’t hesitate. “That’s easy—you’d be crazy not to take advantage of an amazing opportunity like this,” said Read. “The HMA program is outstanding. Take advantage of programs like this one, and don’t wait. Different manufacturing companies have a vast array of jobs. There’s definitely a job out there for you.”

From a distance: What makes Read’s enthusiasm all the more compelling is that he experienced the entire program remotely. But with the help of some virtual reality tools, he was able to participate without missing a step.

  • “The VR goggles—that was amazing,” said Read. “I’ve never played with VR before. It’s almost like a video game. The training and tool seminars—I got to play with different tools and interact with the VR, doing measurements, calibrating equipment and going over parts of the manufacturing facility. It was a lot of fun to play with.”

That kind of substantive learning in an engaging environment is what the Caterpillar Foundation will bring to more heroes in the coming years, thanks to its new $2.25 million donation designed to help Heroes MAKE America increase its integration of virtual reality technology and expand training opportunities for the military community.

The last word: As Caterpillar Chairman and CEO Jim Umpleby said when the partnership was announced, “Caterpillar is proud of the support provided to veterans and their families through the Caterpillar Foundation’s donation to the Heroes MAKE America program. I am pleased the Foundation can help make this world-class skills training program available to all members of the global military community and connect them to careers in manufacturing.”

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A Hero Gets a Shot at Manufacturing

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Zachary Willis has transitioned out of the military twice—and the second time, The Manufacturing Institute’s Heroes MAKE America program made all the difference.

A passion for service: Willis had wanted to join the Marine Corps his entire life and felt even more strongly about it after 9/11. A little less than a year after he graduated high school, he did so. “I wanted to serve my country, and my country needed me,” he told us.

Two exits: Willis spent four years in the Marine Corps on active duty, with two deployments as an infantryman. He spent the next four years in the reserves, then left the military for a short stint in the civilian world. But feeling adrift, he ended up joining the U.S. Army as a mechanic in 2017.

When health issues led him to transition out of the military a second time, he knew he needed a strategy for what would come next. The Heroes MAKE America program, which helps members of the military community find opportunities in manufacturing, sounded like a great fit.

  • “Getting out this time around was so different from the first time,” said Willis. “The first time I didn’t really have a plan. This time I was a lot more mature. I was like, I need to make sure there is something out there—and Heroes MAKE America seemed like a great opportunity to get into an industry with a lot of growth potential.”

A different world: Heroes exposed Willis to a world of modern manufacturing that was well beyond what he had expected.

  • “I always thought manufacturing was just a bunch of guys on an assembly line who put things together for 30 years and then retired,” said Willis. “But then I got into this program, and I saw how innovative it is. It’s constantly seeking improvement. It’s so different from the manufacturing of my father’s or grandfather’s generation.”

An expanded network: Willis is enthusiastic about his experience in the Heroes program—both in terms of the skills training and the opportunities to explore career options.

  • “It’s been amazing,” said Willis. “The ability to reach out and connect with other employers all around the country—from smaller companies to huge international corporations. You don’t see that in very many places. I wish more people took advantage of programs like this.”

What’s next: Willis graduated from the program in early March and received four different job offers. He’ll start a new role soon manufacturing gunpowder at Hodgdon Powder Company near his home in Kansas. In fact, he’s so enthusiastic about the Heroes MAKE America program that he’s already encouraging his new employer to get involved.

  • “The company isn’t even a part of the program, and when I told them about it, they said, huh, we gotta look into that,” said Willis. “It’s something more companies should get on board with.”

Heroes gets a boost: Willis also got to take on a new challenge during his program: using virtual reality technology to supplement his instructor-led hands-on learning. The technology let him learn everything from how to put on personal protective equipment correctly in a manufacturing environment to how to use welders, micrometers and digital calipers.

And as it happens, even more Heroes students will be able to engage virtually in the coming years. Thanks to a new $2.25 million donation from the Caterpillar Foundation, the Heroes program will be able to increase its integration of virtual reality technology and expand training opportunities for the military community.

The last word: “Caterpillar is proud of the support provided to veterans and their families through the Caterpillar Foundation’s donation to the Heroes MAKE America program,” said Caterpillar Chairman and CEO Jim Umpleby. “I am pleased the Foundation can help make this world-class skills training program available to all members of the global military community and connect them to careers in manufacturing.”

Press Releases

Manufacturers’ Optimism Continues to Rise

Highest Reading in Two Years

Washington, D.C. – The National Association of Manufacturers released its first Manufacturers’ Outlook Survey of 2021 and the first since the Biden administration took office. The survey showed manufacturers’ optimism increasing to nearly 88%—the highest reading in two years, and up from 74% in the Q4 2020 survey. This steady improvement represents an increase of 54 percentage points since the results of the first survey that measured manufacturers’ sentiment after the pandemic was declared (34% in Q2 2020).

“As vaccines roll out at a faster pace and we see signs of an improving economy, manufacturers’ optimism is rising fast,” said NAM President and CEO Jay Timmons. “Our industry is creating new jobs and investing in new projects, buoyed by signs that we may finally be getting COVID-19 under control. Of course, our industry knows we are not out of the woods yet. That’s why we continue to lead by example, wearing face coverings and promoting vaccination. The smart health protocols are more important than ever. This is our shot—not just to end the pandemic but to build a new and stronger economy that creates opportunity for all.”

Key survey findings include the following:

  • In the first quarter, nearly 88% of manufacturers said they were either somewhat or very positive about the outlook for their company.
  • Increased costs of raw materials (76%) and the inability to attract and retain talent (66%) were the top-two biggest challenges facing manufacturers in 2021.
  • Other top worries included rising health care and insurance costs (50.9%), transportation and logistics costs (50.2%), supply chain challenges with inventory management (48.7%) and an unfavorable business climate, including taxes and regulations (44.0%).

Read the full Q1 2021 Manufacturers’ Outlook Survey results here.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.32 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Workforce

Diversity and Inclusion: What You Need to Know

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If you’re a manufacturer looking to begin—or improve—your diversity and inclusion efforts, you’ll need some expert advice. That’s why The Manufacturing Institute—the workforce development and education partner of the National Association of Manufacturers—hosted a virtual summit recently on D&I development, drawing together a variety of experts in one comprehensive event. Now you can watch the event online, and to get you started, we’ll give you a quick overview.

Why it matters: Manufacturing workers are deeply diverse in all sorts of ways: age, gender, race and ethnicity, ability and sexual orientation—not to mention education, life experience and socioeconomic background. To be competitive, businesses must be able to connect with the skills and experiences of a wide range of communities.

The main events: The first day of the summit was broken down into several “dimensions” of D&I, each with its own panel of experts:

  • Race Dimension: Representatives from HBCU Connect, Pfizer and Ingredion discussed how leaders can promote racial equity in their companies and communities—including by setting measurable hiring goals and increasing internal candidate development.
  • Ability Dimension: Panelists from Autism Speaks, Stanley Black & Decker and Lee Container Corporation discussed their work with manufacturers to create 1 million employment and leadership opportunities by 2025 for people with autism and intellectual and/or developmental differences. The panelists highlighted data showing how neuro-diverse individuals strengthen the workforce overall.
  • Sexual Orientation Dimension: Representatives of Out Leadership and Dow spoke about how manufacturers can stand up for LGBT+ equality and D&I overall. They recommended supporting LGBT+ equality by being vocal allies and signing on to court cases that protect LGBT+ rights. They also talked about why bringing your whole self to the workplace is critical.
  • Military Dimension: Panelists from the MI, Fender Musical Instruments Corporation and Johnson & Johnson discussed how manufacturers can connect directly to transitioning service members, veterans, the National Guard, reservists and active-duty military spouses, including through programs like the MI’s Heroes MAKE America—an integrated training, certification and career-readiness initiative.
  • Gender Dimension: Panelists from the MI, Fresenius Medical Care North America and BASF Corporation discussed the steps companies can take to support women in manufacturing—such as creating supportive women-led networks within their businesses and ensuring uniforms are available in female sizes. They also noted the critical progress made so far by programs like the MI’s STEP Women’s Initiative and through local employee resource groups.
  • Age Dimension: With one-quarter of the manufacturing workforce over 55 years old, manufacturers must adapt to the needs of older workers. Panelists from AARP, ALOM and Winton Machine Company discussed the importance of two-way learning and how creating mentor–mentee relationships between younger and older employees can build a stronger workforce.

And that’s not all. . . Day Two featured an executive panel titled “Voices from Leadership,” with leaders from the MI, Arconic, Intel Corporation and Deloitte. It also included a goals-oriented panel called “Building D&I Into Team and Individual Goals,” featuring speakers from the MI, BP America, Trane Technologies and Covestro, which focused on how to put this work into practice.

The last word: “We need to close the racial inequities and the gaps that we have in our society because it is the right thing to do, but it is also the economic imperative for our sector,” said MI Executive Director Carolyn Lee. “We need more people—and the workforce of the future is going to look different than the workforce of today.”

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The NAM and PTC Launch the “Makers Series”

The NAM’s creative shop, always on the cutting edge, is bringing you something new: a collaboration with PTC to showcase the digital transformation in manufacturing. Today, the NAM and PTC are launching a series of co-branded videos to show both manufacturers and the public what the future will look like.

Watch: Before we go any further, take a few minutes to watch the first video in this series. In it, robotics company Hirebotics talks about how PTC’s Onshape cloud-based system allows it to design innovative welding robots that can be directed by a smartphone—and hired out to whatever company needs them.

The background: Over the past year, PTC has become a more visible presence to NAM members as a national sponsor of the association, expanding the NAM’s support of manufacturers in the United States and helping companies capitalize on digital technologies.

But the origins of this collaboration go back further than that. This sponsorship is a continuation of NAM President and CEO Jay Timmons’ “2020 Vision,” which he outlined back in 2015. Timmons envisioned turning the NAM into a “one-stop shop” for manufacturers—in advocacy, workforce development, legal action, news and more. Now, with PTC’s help, the NAM is giving voice (and visuals) to the industry’s future in more ways.

And there’s more . . . This series isn’t the only product of the collaboration—PTC President and CEO Jim Heppelmann has lent his expertise to the NAM’s board meetings and Leading Edge events, most recently giving a keynote address at the virtual Leading Edge Supply Chain Forum. Those of you interested in the business implications of the internet of things, augmented reality and the emergence of SaaS-based industrial solutions won’t want to miss his appearances in the future.

PTC says: Mike DiTullio, PTC’s president of SaaS business and an NAM board member, said of the partnership, “By partnering with the NAM on the Makers Series, we hope to inspire manufacturers with stories of how software is empowering manufacturers to transform and drive outcomes never thought imaginable. We are proud to be a member of the NAM, and even more proud to support the manufacturers of America.”

The NAM says: Timmons said of the partnership, “Through the Makers Series, PTC is providing powerful thought leadership, showcasing the incredible technologies that define modern manufacturing. We’re grateful that they are sharing their expertise and sponsoring this exciting initiative. They have created a model that demonstrates what the NAM is capable of producing alongside our members.”

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Manufacturing Institute Partnership Enhances Railroad’s Hiring Reach

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Union Pacific is seeking a more diverse workforce as it strives to continue “building America,” as it says. To do so, it is partnering with The Manufacturing Institute, the NAM’s workforce development and education partner, on a $3 million three-year joint initiative. Beth Whited, who serves as executive vice president and chief human resource officer at Union Pacific, recently told us more about these ambitious plans.

The details: The initiative, called Careers on Track, will work to inspire more women and youth to pursue modern industry careers. The funding supports workforce development and career solutions that will include:

  • A new digital STEM curriculum;
  • A virtual STEM experience—in which participants can “choose their own adventure” while exploring interactive 3D models of a real facility, locomotive and more;
  • A STEM micro-grant program for young people; and
  • A digital campaign showcasing industry career opportunities for underserved women in select regions.

Ultimately, Union Pacific intends to double the number of women in the UP workforce within the next 10 years.

Why partnerships matter: “These types of partnerships are important for us because they broaden our reach,” says Whited. “We run pilot programs of our own, but it’s difficult for us to make those available in every school in our served territory. With the MI’s broad reach and established programs, we can reach more women and youth than we could on our own.”

The scope: Whited likes to remind people that nearly everything in their homes moves by rail at some point, whether as a raw material or as a finished product. That also means there is a wide range of jobs involved, from skilled roles in transportation and manufacturing to civil, electrical and computer engineering—jobs that involve designing more fuel-efficient locomotives or building the freight cars of the future.

The tech: “People who don’t know much about railroads are always surprised by the level of high tech that’s employed,” says Whited. “Railroads have been around for 160 years plus, and so people think about it as old technology, but it absolutely isn’t.

  • “You’ve got unbelievable signaling systems run everything safely, next-level optimization tools that determine how and when trains run, sophisticated technology in the 4,500 horsepower locomotives that we use to haul freight and so much more. The level of tech and advanced analytics and machine technology is usually quite startling to people.”

The pitch: Whited has advice for women who are unsure about working in a traditionally male-dominated field. “I would tell people to challenge their own thinking,” says Whited. “There aren’t jobs that are for men and jobs that are for women; there are jobs—and these are great jobs with great benefits that will help you fulfill your goals and give you a sense of pride. Come try it.”

The last word: As MI Executive Director Carolyn Lee said about this partnership, “There are nearly 500,000 job openings right now in manufacturing and millions more expected over the next decade. Closing the gender gap and building awareness with young people are critical to meeting this incredible need.”

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Creators Wanted Kicks Off Virtual Campaign

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Creators Wanted, the pioneering workforce initiative from the NAM and MI, is adapting to the changing environment to continue its critical work to reduce the skills gap and end misperceptions about modern manufacturing.

What’s happening:
We’ve gone virtual! The NAM and MI are still doing the Creators Wanted Tour, but they have exchanged in-person experiences for virtual ones (at least for now). The upside: these events will now be accessible to many more people.

What’s the plan: We’re kicking off our first virtual event on Tuesday, Feb. 2, at 10:00 a.m. EST. It will give you a sneak preview of what to expect during our Creators Wanted virtual events this year. (Click here for more information and to register.) After that, the NAM and MI will be making their way across the country, with virtual events aimed at different geographical areas.

What’s new and important:

  • The NAM—with the MI’s support and leadership—has launched the Pledge for Action. It’s a commitment by manufacturers to take real, tangible steps to reflect the diversity of the U.S. workforce over the next decade. Taking the Pledge and supporting Creators Wanted are great ways for manufacturers to help close the opportunity gap.
  • We’re collecting stories of creators around the country! Tell us about an amazing creator you know by visiting creatorswanted.org/shareyourstory.

Who’s it for: “Everyone! Well, we wouldn’t mind if everyone heard our message,” said NAM Vice President of Brand Strategy Chrys Kefalas. “But the NAM and MI specifically want to reach out to people who are ready to explore a career in manufacturing now. Maybe they’ve lost a job in the pandemic and are looking for a new career, or perhaps they’re already involved in manufacturing but want to gain the skills that will take them to the next level.”

  • The NAM and MI also want to reach veterans and people who are underrepresented in manufacturing, including women, Black people and all communities of color.
  • And, of course, the initiative intends to connect with young people, the next generation of creators.

Picking up where we left off: “The NAM and MI set big goals with Creators Wanted in 2020—to improve perceptions of manufacturing, reduce the skills gap and get more people into manufacturing career paths,” said Kefalas. “On Feb. 2, we will demonstrate that we can hit these goals with a new combination of virtual events, digital experiences and eventually in-person activations.”

But that’s not all… “The event will cover how we’re going to expand our impact, as well as exceed sponsor expectations. You won’t want to miss it.”

Press Releases

Final Manufacturing Survey of 2020 Finds Cautious Optimism to Close Out Turbulent Year

Washington, D.C. – The National Association of Manufacturers released its final Manufacturers’ Outlook Survey of the year, which showed optimism climbing from its low in the second quarter brought on by the COVID-19 pandemic. In the fourth quarter, 74.2% of manufacturers responding to the survey felt positive about their own company’s outlook, up from 66% last quarter. While encouraging, a wide gap remains between today’s numbers and the 90% average in 2019.

After two quarters with weaker domestic demand topping the list of primary business challenges, the inability to attract and retain talent lead the pack once again in the fourth quarter with 62.4% of respondents listing it as their primary current business challenge. Prior to COVID-19, workforce challenges had been the main concern for 10 consecutive quarters. According to the latest numbers from the Bureau of Labor Statistics, there were 525,000 job openings in manufacturing in October, a record high.

“There’s no question manufacturers have rebounded since the dramatic downturn in the spring, although a return to pre-pandemic optimism is still months away,” said NAM President and CEO Jay Timmons. “We were looking at levels of anxiety not seen since the Great Recession. The recent relief bill passed in Congress must be signed immediately. This, coupled with the manufacturing and distribution of vaccines, will help ensure we don’t go backward. But it’s clear that to keep moving forward in 2021, we’ll need to see more bold action that fosters growth and competitiveness for manufacturers in America and caution against any efforts that may undermine the fragile progress made in the closing months of 2020.

“It will surprise many to know that manufacturers have more than half a million jobs to fill right now. We’re hiring, and that’s why workforce challenges are once again the top concern in our survey. The pandemic delayed our Creators Wanted Tour, but we will be launching virtual tour events in 2021 and hitting the road when it’s safe. And we look forward to working with the new Congress and new administration to help more Americans take advantage of the great career opportunities in modern manufacturing.”

Read the full survey results here.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.2 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 62% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

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