2024 Fourth Quarter Manufacturers’ Outlook Survey
Manufacturers’ Outlook Survey: Fourth Quarter 2024
The National Association of Manufacturers Q4 2024 Manufacturers’ Outlook Survey illustrates that even with ongoing economic challenges, manufacturers are more optimistic post-election about potential action on expiring tax provisions and efforts to curb the regulatory onslaught. According to the latest reading, 70.9% of respondents are positive about their company’s outlook, up from 62.9% in Q3.
The NAM conducted the Q4 2024 Manufacturers’ Outlook Survey Nov. 15 – Dec. 4.
Key Findings:
- In Q4, the top business challenge was rising health care/insurance costs (63.2%)
- The top concern in Q3 2024, a weaker domestic economy and sales for our products to U.S. customers, was the second highest concern in Q4 (57.99%)
- Trade uncertainty was the third biggest challenge in Q4 at 56.1%, soaring from the level of concern expressed in Q3 at 36.8%, and was the top challenge for large manufacturers at 68.7%.
- Attracting and retaining a quality workforce now ranks as the fourth highest concern (55.76%) after topping the list from Q4 2020 to Q2 2024.
- Next year, key provisions of tax reform are set to expire, driving up costs for businesses throughout the manufacturing supply chain. When asked how important it was that Congress and the new administration prevent these tax increases, 79.03% of respondents answered extremely important.