The GOP-led tax cuts and President Trump's deregulation efforts are driving record-high optimism in the industry heading into 2019, findings that come amid significant volatility on Wall Street as investors brace for a potential slowdown in the U.S. economy next year.
Nearly 89 percent of the 539 companies polled by the National Association of Manufacturers in the fourth quarter held a positive outlook for their business, bringing the yearly average to 92.4 percent, the highest in the survey's 20-year history.
Just 18.5 percent of respondents cited an unfavorable business climate as a key concern, down from 71.2 percent in the final months of former President Barack Obama's tenure in 2016.
In the next 12 months, companies expect capital investments to increase 2.6 percent, full-time employment to rise 2.2 percent, and wages to jump 2.3 percent.
Just over 68 percent of respondents listed attracting qualified workers as a top concern.
Higher raw material cost, spurred by President Trump's double-digit tariffs on steel and aluminum imports, was a secondary worry for 65 percent of manufacturers.
It also lowered the corporate tax rate from 35 percent to 21 percent.
https://www.washingtonexaminer.com/business/optimism-among-us-manufacturers-at-record-high-heading-into-2019
Nearly 89 percent of the 539 companies polled by the National Association of Manufacturers in the fourth quarter held a positive outlook for their business, bringing the yearly average to 92.4 percent, the highest in the survey's 20-year history.
Just 18.5 percent of respondents cited an unfavorable business climate as a key concern, down from 71.2 percent in the final months of former President Barack Obama's tenure in 2016.
In the next 12 months, companies expect capital investments to increase 2.6 percent, full-time employment to rise 2.2 percent, and wages to jump 2.3 percent.
Just over 68 percent of respondents listed attracting qualified workers as a top concern.
Higher raw material cost, spurred by President Trump's double-digit tariffs on steel and aluminum imports, was a secondary worry for 65 percent of manufacturers.
It also lowered the corporate tax rate from 35 percent to 21 percent.
https://www.washingtonexaminer.com/business/optimism-among-us-manufacturers-at-record-high-heading-into-2019
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