American manufacturing sentiment has reached a 20-year high, according to a new survey released by the National Association of Manufacturers (NAM).
NAM released its Manufacturer’s Outlook Survey on Wednesday, which revealed that 95 percent of manufacturers have a positive outlook on the economy and their business, which serves as the highest manufacturing confidence since the survey was introduced in 1997.
The survey also said that 86 percent of manufacturers plan to increase their investment thanks to President Donald Trump’s Tax Cuts and Jobs Act. Seventy-two percent of manufacturers also plan to increase wages or benefits for their workers due to the Trump tax cuts, and 77 percent of manufacturing businesses plan to increase hiring as well.
Jay Timmons, the NAM president and CEO, said in a statement on Wednesday, “This record optimism is no accident. It is fueled by the game-changing tax reform passed six months ago.”
Last year, manufacturers promised that we would deliver for our people and our communities if tax reform became law. Congress and the president delivered, and now manufacturers are keeping our promise: hiring new workers, raising wages, improving benefits, buying equipment and expanding right here in the United States. And the best part is, with manufacturers’ record-setting confidence and plans to keep hiring and growing, more good news is yet to come.
NAM surveys over 14,000 large and small manufacturers to gain insight into their economic outlook, hiring, and investment decisions as well as their business concerns.
The manufacturing association also noted that businesses will continue to increase investment, hiring, and increase wages and benefits as a result of decreased regulation coming from Washington, DC.
“Manufacturers continue to be upbeat about regulatory reform and its economic impacts,” NAM wrote.
When news of the NAM survey came out President Trump tweeted, “More records! #MAGA.”
— Donald J. Trump (@realDonaldTrump) June 20, 2018