2025 Third Quarter Manufacturers’ Outlook Survey
Manufacturers’ Outlook Survey: Third Quarter 2025
The National Association of Manufacturers Q3 2025 Manufacturers’ Outlook Survey reveals optimism among manufacturers has jumped—even as challenges persist across the sector. The survey found a 10-percentage-point increase in confidence, with 65.0% of respondents reporting a positive outlook for their companies, up from 55.4% in Q2.
Consistent with last quarter, respondents pointed to the same top business concerns—each edging higher than in Q2:
- Trade uncertainty: 78.2% (up from 77.0%)
- Rising raw material costs: 68.1% (up from 66.1%)
- Increasing health care costs: 65.1% (up from 60.0%)
The NAM conducted the Q3 2025 Manufacturers’ Outlook Survey August 14 – 29.
Additional Findings:
- Nearly 8 in 10 manufacturers (79.2%) support President Trump’s announcement of permitting reforms to streamline project development for AI and related energy, grid and manufacturing projects. Specifically, 96% support the buildout of energy generation, infrastructure and products
- Respondents expect production to increase 2.5% on average over the next 12 months, up from 1.4% in Q2. More than half of respondents (56.9%) forecast output to rise over the coming months, while 15.9% predict declining production, a notable improvement from Q2 (29.0%).
- Respondents forecast capital spending to improve nominally, rising 1.0% over the next 12 months, an increase from the 0.3% rise expected in Q2.
- Respondents anticipate raw material prices and other input costs to increase 5.4% over the next 12 months, down slightly from 5.8% in Q2.
- Respondents expect prices on their company’s product line to increase 3.7% over the next 12 months, down from 4.3% in Q2.