Tax

Washington, D.C. – The National Association of Manufacturers released its Q2 2025 Manufacturers’ Outlook Survey, revealing that optimism among manufacturers across the country has dropped sharply. Only 55.4% of respondents report a positive outlook for their companies—a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020.

The survey conducted earlier this month revealed that 85.4% of manufacturers believe Congress should preserve pro-growth tax policies in response to trade uncertainty.

Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77.0% of respondents, followed by increased raw material costs, which was cited by 66.1% of respondents.

“These numbers are yet another indicator that manufacturers need increased policy certainty. Congress must act urgently to preserve tax reform and empower manufacturers to make the long-term investments that drive the American economy,” said NAM President and CEO Jay Timmons. “The stakes are high: preserving tax reform will prevent the loss of 6 million jobs and avoid a $1 trillion hit to the economy—that’s why manufacturers are calling on the Senate to preserve pro-manufacturing tax policies from the House-passed reconciliation bill, while also taking steps to ensure the final package is maximally beneficial for our industry. Pro-manufacturing tax policies are a critical component of a comprehensive manufacturing strategy; this quarter’s results also show that manufacturers need a strategic approach to trade policy that allows our industry to reduce costs and access the inputs we need to make things in America.”

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 $2.93 trillion to the U.S. economy annually and accounts for 53% of private-sector rese arch 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.