In a stunning turnaround sparked by the improving economy and last December’s tax cuts, over 95 percent of manufacturers have turned bullish about their future, an all-time record.
A new survey from the National Association of Manufacturers found that 95.1 percent of manufacturers have a “positive outlook for their companies.”
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That is the highest outlook number in the 20-year history of the group’s Outlook Survey.
The report, said the group, comes on the six-month anniversary of passage of the Tax Cuts and Jobs Act and amid reports that manufacturers are increasing wages, hiring, and capital investments.
“This record optimism is no accident. It is fueled by the game-changing tax reform passed six months ago,” said NAM President and CEO Jay Timmons.
In a statement he added, “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.”
Highlights pulled from the report:
- Optimism among manufacturers registered its highest level ever recorded (95.1 percent) in the 20-year history of the survey.
- Optimism among medium-sized manufacturers registered its highest level ever recorded (95.8 percent) in the 20-year history of the survey.
- All-time highs for projected employment growth and capital spending.
- Projected wage growth registered its fastest pace in 17 years.
- Projected sales growth kept pace at its second-highest reading in survey history.
