A new survey from the National Association of Manufacturers (NAM) shows that manufacturers are keeping their promise after passage of the historic tax reform legislation by boosting wages, hiring and investment. The survey, released May 16 by Emerson CEO NAM Board Chair David Farr during a House Ways and Means Committee hearing, shows 72 percent of manufacturers are increasing employee wages or benefits, 77 percent are hiring more workers and 86 percent are investing in new equipment and facilities. Last month, the NAM’s Manufacturers’ Outlook Survey found optimism among manufacturers registered the second-highest level ever recorded (93.5 percent) in the 20-year history of the survey.
“Almost exactly one year ago, I appeared before Congress to make the case for tax reform that would make America fiercely competitive. Congress and the president kept their promise and delivered. Now, it’s our time to keep our promises and deliver—and we are,” said Farr. “Manufacturing in America is now rising to new heights, thanks to tax reform, and as a result, manufacturers of all sizes are already investing more, growing more, hiring more and paying more. They are already improving lives and livelihoods. And, as the survey results I’m releasing today show, we manufacturers are just getting started.”
At 10:00 a.m. EDT this morning, Farr will review the survey results during his testimony at a House Ways and Means Committee hearing focused on the impact of tax reform on the U.S. economy, job creators and workers.
Manufacturers were a leading advocate for the historic tax cut leg signed into law by President Trump, saying they would hire more, invest more and compensate their workers more if the legislation was passed. In the spirit of that commitment, the NAM recently launched the “Keeping Our Promise” campaign—a new series of original stories from manufacturers about how they are utilizing the new tax law to benefit their businesses and workers. You can learn more about the survey and the “Keeping Our Promise” campaign here.
The National Association of Manufacturers (NAM) 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 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters 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 Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.