In June, the National Association of Manufacturers released its “Manufacturers’ Outlook Survey”, for the second quarter of 2023. The survey shows manufacturers’ intensifying concern over the onslaught of the many and unbalanced federal regulations being issued.
Manufacturers responded that the threat of too much regulation poses to disrupt US manufacturing investment, stall job creation, and smother wage growth.
The key findings of the spring 2023 Manufacturers’ survey are:
Only 67% of manufacturers are positive about their own company’s outlook. This is down from 75% in Q1, making it the lowest since Q3 2020 and, before the pandemic, the lowest since Q3 2019.
If the regulatory burden on manufacturers were decreased in the future, 65% of manufacturers then would purchase more capital equipment, and more than 46% would increase employee wage compensation.
More than 63% of manufacturers report spending over 2,000 hours per year, just complying with federal regulations.
If Congress were to enact comprehensive permitting reform, 75% 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%), a 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%).
Email to a Friend
