General

Washington, D.C. – The National Association of Manufacturers released its Manufacturers’ Outlook Survey for Q4 2024, which 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.

“Manufacturing is central to the strength of the U.S. economy, and nearly 8 out of 10 manufacturers state that restoring and protecting key provisions of the 2017 tax law will be extremely important to making manufacturers in the U.S. more competitive,” said NAM President and CEO Jay Timmons. “In this survey, manufacturers also stress the importance of strengthening energy security and reining in the regulatory onslaught that has stymied the industry, providing ample opportunity to stimulate growth in the new year.

“There are still economic headwinds that make it more difficult for manufacturers to create jobs, invest in their communities, develop new and improved products and grow the economy. Our industry will count on the next administration and Congress to prioritize policies that make America the most competitive business climate in the world.”

Key Survey 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 (58.0%).
• 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 (55.8%) 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% of respondents answered extremely important.

The NAM releases these results to the public each quarter. Further information on the survey is available here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on the nomination of Paul Atkins to serve as the next chair of the Securities and Exchange Commission:

“Manufacturers commend President Trump’s nomination of Paul Atkins to serve as the next chair of the SEC. During his time as an SEC commissioner under President Bush, Chair-designate Atkins was a champion for capital formation and ensuring that manufacturers—and especially small manufacturers—were able to attract the investment they needed to grow and succeed. America’s world-leading capital markets must continue to support capital formation for manufacturing growth and long-term, shared economic prosperity for America’s Main Street investors.

“Manufacturers look forward to working with Chair-designate Atkins to ensure that our nation’s securities regulations empower manufacturers to grow, innovate and support workers and communities nationwide. Manufacturers urge Chair-designate Atkins to act immediately to rescind Staff Legal Bulletin 14L, a misguided standard that politicizes public companies’ proxy ballots and distracts from shareholder value creation; defend and enforce the SEC’s landmark 2020 rule bringing much-needed oversight to proxy advisory firms—and build on these reforms to further rein in proxy firms’ outsized influence; and revisit overreaching and costly reporting requirements finalized during recent years to ensure that the SEC’s disclosure regime remains focused on material information for investors—rather than inflexible mandates that hinder innovation and growth.

“As the backbone of the American economy, manufacturers of all sizes depend on fair, transparent and balanced regulatory policies to fuel growth and provide opportunity for millions of workers and investors. Paul Atkins’ leadership offers an opportunity to refocus the SEC’s priorities on fostering economic growth and protecting investors without imposing unnecessary burdens on manufacturers.”

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Ottawa, Canada – Following the nomination of former U.S. Ambassador Pete Hoekstra to be ambassador to Canada, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“We appreciate President Trump’s foresight in prioritizing the U.S.–Canadian relationship and negotiating the U.S.–Mexico–Canada Agreement, a trade deal that has been essential to the strength and success of manufacturing across North America. We look forward to working with former U.S. Ambassador and Congressman Pete Hoekstra as the next U.S. ambassador to Canada. The NAM has just concluded this year’s North American Manufacturing Conference in Ottawa, where the importance of the USMCA was a central theme among the business leaders, members of Parliament and key ministers who participated. In fact, a recent survey conducted with our partners in both countries found that 94% of manufacturers say that the USMCA is integral to their supply chains. We look forward to working with the incoming ambassador to strengthen ties among our North American allies to shore up supply chains and counter unfair practices from other nations like China.”

Background: In 2023, the NAM, the Canadian Manufacturers & Exporters (CME) and the Confederation of Industrial Chambers of Mexico (CONCAMIN) agreed to collaborate on the Manufacturing Agenda of the Future, including hosting the inaugural North American Manufacturing Conference at the NAM’s headquarters in Washington. This week, the second conference took place in Ottawa, bringing together key business leaders from across North America and elected officials from the U.S., Canada and Mexico to discuss strategies for strengthening the region’s manufacturing sector and ensuring a robust USMCA ahead of the 2026 review.

More information on the North American Manufacturing Conference can be found here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org

On Nov. 5th, President-elect Donald Trump secured enough electoral college votes to become the 47th President of the United States. Republicans also flipped four Senate seats, meaning they will have a 53-47 majority entering the 119th Congress, and maintained control of the House though a small number of congressional races remain outstanding. For the first time since 2016, Republicans will have unified control of both Congress and the White House once President-elect Trump is sworn in on Jan. 20, 2025.

For now, as we enter the “lame duck” session of the 118th Congress, there remains a substantial laundry list of items for members to address before adjourning this session. Both the House and Senate return this week for the first time since the October break.

119th Congress Leadership Elections

Upon having control of both chambers next Congress, House and Senate Republicans returned to Washington this week to elect their respective leadership teams and establish their rules packages for the 119th Congress.

House Republican Leadership

• Speaker of the House – Mike Johnson (R-LA)
• House Majority Leader – Steve Scalise (R-LA)
• House Majority Whip – Tom Emmer (R-MN)
• House Republican Conference Chair – Lisa McClain (R-MI)
  Rep. McClain is replacing Elise Stefanik (R-NY) who has been nominated as Ambassador to the United Nations by President-elect Trump.

Senate Republican Leadership

• Senate Majority Leader – John Thune (R-SD)
  Sen. Thune will be taking over as GOP Leader from Mitch McConnell (R-KY), who is stepping down after a record 18 years in the position.
• Senate Majority Whip – John Barrasso (R-WY)
• Conference Chair – Tom Cotton (R-AR)
• Policy Chair – Shelley Moore Capito (R-WV)

House Democratic Leadership

House Democrats have scheduled their leadership elections for Nov. 19th. It is unlikely there are major changes for the current leadership roster.

• House Minority Leader – Hakeem Jeffries (D-NY)
• House Minority Whip – Katherine Clark (D-MA)
• House Democratic Caucus Chairman – Pete Aguilar (D-CA)

Senate Democratic Leadership

Senate Democrats have not currently scheduled their leadership elections, but it is unlikely the top two positions change. There will be an opening for the third ranking position with Senator Debbie Stabenow (D-MI) retiring.

• Minority Leader – Chuck Schumer (D-NY)
• Minority Whip – Dick Durbin (D-IL)
• Chair of Policy and Communications Committee – To be determined
  Debbie Stabenow (D-MI) is retiring from Congress. Amy Klobuchar (D-MN) and Cory Booker (D-NJ) have signaled their interest in this position.

Lame Duck Legislative Outlook

Congress has roughly five legislative session weeks before the Christmas break and several policy items to address in that time. Upon returning to Washington, policymakers face two must-pass pieces of legislation: the FY 2025 National Defense Authorization Act and a government funding package to prevent a shutdown when current funding runs out at midnight on Dec. 20th. On either NDAA or the government funding package, lawmakers may seek to include some form of disaster relief for victims of the recent hurricanes and an extension of the current Farm Bill.

In the Senate, it is likely that Democratic Majority Leader Chuck Schumer will move to advance as many of President Joe Biden nominees, including judicial appointments, as possible in the remaining weeks before Republicans take control of the confirmation process next year. Finally, the current debt limit suspension expires on Jan. 2, 2025. Congress will have to address the limit, or Treasury will be forced to take “extraordinary measures” to avoid a default in early 2025.

With these remaining weeks, the NAM continues to engage and encourage lawmakers to advance manufacturers’ priorities before Congress adjourns for the year.

Negotiations between the U.S. Maritime Alliance and the International Longshoremen’s Association have stalled again, “raising the possibility of renewed strikes at U.S. East and Gulf Coast ports in January” (gCaptain).

What’s going on: Talks between the dockworkers and their employers broke down this week over proposed language regarding the use of automation, according to the ILA.

• “This impasse follows a tentative agreement reached in early October, which ended a three-day strike across Atlantic and Gulf Coast ports” and extended the workers’ labor contract until Jan. 15, 2025.
• If the parties are unable to reach a long-term agreement by that date, the union could strike again.

Why it’s problematic: Even a brief work stoppage could have major economic consequences, according to widely cited NAM estimates.

• A strike at East and Gulf Coast ports would jeopardize $2.1 billion in trade every day and could reduce gross domestic product by up to $5 billion a day.

What must be done: “These ports are critical components of the manufacturing supply chain and move products on which Americans depend,” said NAM Director of Transportation, Infrastructure and Labor Policy Max Hyman. “Both sides should return to negotiations as soon as possible and reach a lasting resolution that prevents needless economic destruction.”

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons issued the following statement on the election of Sen. John Thune (R-SD) to Senate majority leader:

“Leader Thune has been the true definition of a manufacturing champion. He has consistently supported legislation important to the industry, especially small and medium-sized manufacturers, and he has led on critical issues for U.S. competitiveness, such as taxes, energy and workforce issues. I have known John for 20 years, going back to my days as executive director of the National Republican Senatorial Committee the year he was elected. There is no question in my mind that he is the right senator to take the reins as majority leader.

“Leader Thune has been a constant force for manufacturers in the Senate Republican leadership and has repeatedly engaged the NAM Board of Directors in shaping future policies.

“Now, our work continues together to secure ‘rocket fuel’ for manufacturing and to extend and restore the provisions of the 2017 Trump tax cuts, so that manufacturers can invest more in their operations, expand their workforces and drive innovation. Together, we can make America greater.”

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org

Industrial production fell 0.3% in October after declining 0.5% in September. The decline in October was influenced significantly by the strike of Boeing workers, with a smaller impact from the lingering effects of two hurricanes. Manufacturing output decreased 0.5%, with aerospace and miscellaneous transportation equipment dropping a dramatic 5.8%. At 102.3% of its 2017 average, total industrial production in October was down 0.3% from the same month last year. Capacity utilization fell to 77.1%, 2.6 percentage points below its long-term average from 1972 to 2023, but was up 1.2% from the same month last year.

In October, major market groups saw mixed results. Among consumer goods, the production of durables decreased 1.4%. On the other hand, the index for nondurables increased 0.4%, with growth in both energy and nonenergy goods. The business equipment index declined 2.7% in October, weighed down by the sharp 13.9% drop in the production of transit equipment, affected for a second month by the strike.

Durable goods manufacturing decreased 1.2%. Apart from the large drop in aerospace and miscellaneous transportation equipment, declines occurred in primary metals (down 3.3%), motor vehicles and parts (down 3.1%) and furniture and related products (down 1.1%), with slight declines in numerous other durable industry groups. Nondurable goods manufacturing, on the other hand, inched up 0.1% in October, with the largest gain in petroleum and coal products (up 0.9%) and the largest drop in printing and support (down 2.6%).

Manufacturing capacity utilization decreased 0.5% to 76.2%, which is 2.1 percentage points below the long-term average.

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on the results of the 2024 election.

“Manufacturers congratulate President-elect Donald Trump on his historic victory and strong performance across manufacturing intensive states.

“Every election represents a new beginning, providing a fresh opportunity to work with and for all Americans, no matter their political affiliation, and to recommit ourselves to the American experiment. President-elect Trump, we have worked with you during your time in office to enact historic wins for the 13 million people who make things in America, to drive increased investment in the sector, create jobs and provide for communities across the country. Now it’s time to get to work to address the policies that will define your administration.

“The 2017 Tax Cuts and Jobs Act was ‘rocket fuel’ for manufacturers. The legislation increased wages, helped us hire and make tremendous investments in our businesses and communities, giving us the certainty we needed to kickstart the manufacturing resurgence we have seen in recent years. Efforts to modernize permitting processes, unleash American energy and relieve backlogs of pipeline projects helped make us energy independent and provide needed resources for allies around the world.

“But we are facing monumental headwinds today, and sector optimism is at its lowest levels in years. The cost of business continues to increase. From health care to looming tax hikes, and aggressive agency overreach, the policies of today are keeping shovels out of the ground. We believe that we can build on the successes of our previous work together to roll back burdensome regulations, unleash American energy security, power the economy of the future with an all-of-the-above energy strategy and restore the dignity of manufacturing work.

“More than 600 business leaders joined the NAM in signing a letter, which was released publicly on Election Day, to the next president stating, ‘We believe in an exceptional America, and that our future is strongest when we are united … This moment is critical for the millions of workers and communities who rely on our success. A strong manufacturing economy is essential to our national security, economic resilience and continued prosperity. We must restore confidence in the future and in the economic systems that have long driven opportunity and innovation, so that American families and businesses can thrive in a united and forward-looking nation.’

“With competitive taxes, sensible regulation and unleashed American energy, manufacturers are ready to win big. We are prepared to work closely with you and your new administration to build a future where our workers thrive and American leadership remains second to none.

“Elections may place Americans on different sides, but as we approach America’s 250th anniversary, this can be a moment to renew our belief in each other and in the promise of our nation—the promise we see every day on shop floors across our country. Let’s work together as we did before to define not just your time in the White House but to define a historic moment in our nation’s history.”

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The National Association of Manufacturers and 606 business leaders from across the manufacturing economy signed and released a letter to be sent to the next president, following the election. The letter demonstrates a firm commitment to working with the next administration regardless of whom the American people send to the White House.

The letter states the following:

Dear President-Elect:

As we approach the 250th anniversary of the signing of the Declaration of Independence, we, the leaders of America’s manufacturing industry and the industries that support it, extend our congratulations on your election. This historic milestone reminds us of the moments when our country came together to define its future—built on the foundation of free enterprise, competitiveness, individual liberty and equal opportunity.

We believe in an exceptional America, and that our future is strongest when we are united. As business leaders, we have a unique responsibility to help bridge divides and advance our shared purpose. In this era of challenges and change, we are committed to working together to strengthen trust and collaboration—within our sectors and across the nation.

This moment is critical for the millions of workers and communities who rely on our success. A strong manufacturing economy is essential to our national security, economic resilience and continued prosperity. We must restore confidence in the future and in the economic systems that have long driven opportunity and innovation, so that American families and businesses can thrive in a united and forward-looking nation.

We understand the power of collaboration and are ready to work productively with your administration to tackle the pressing challenges we face. While there may be moments of disagreement, we are committed to addressing those differences with mutual respect and in the spirit of constructive dialogue.

The days following a hard-fought election have always been a time for healing, finding common ground and renewing our focus on what unites us as a people. The peaceful transition of power is a hallmark of our democracy and is essential to ensuring continued confidence in the rule of law—a commitment that has made America exceptional.

As leaders of industries that drive America’s promise, you can count on us as steadfast partners in this work and in building our future together.

To view the full list of signatories, click here.

-NAM-

The National Association of Manufacturers 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 nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 53% 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org

Nevada’s Thacker Pass lithium mine has received final approval on a $2.26 billion loan from the Department of Energy (Reuters, subscription).

What’s going on: On Monday, Lithium Americas—which is building the Thacker Pass lithium mine project in Nevada with a nearly $1 billion investment from General Motors Co.—closed on a loan from the DOE Advanced Technology Vehicles Manufacturing Loan program. The loan, which has a 24-year term, was approved provisionally in March.

• Thacker Pass, which broke ground in March 2023 just south of the Nevada–Oregon border, was approved at the end of the previous administration and is expected to open later this decade.

The big picture: “The funds are a key part of U.S. President Joe Biden’s efforts to reduce dependence on lithium supplies from China, the world’s largest processor of the electric vehicle battery metal,” according to Reuters.

• Last week, the Biden administration approved another lithium project, by developer Ioneer.

What to expect: “With the loan now closed, Vancouver-based Lithium Americas plans to start major construction, a process that could take three years or longer. The mine’s first phase is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year, enough for up to 800,000 EVs.”

• The project is anticipated to create about 1,800 jobs during construction and 360 full-time jobs once it is up and running.