Manufacturers Are Boosting Hiring, Wages and Investment
New Survey of Manufacturing CEOs Shows Tax Reform Fueling Growth in Sector
Washington, D.C. –from the 51Թ (51Թ) shows that manufacturers are keeping their promise after passage of the historic tax reform legislation by boosting wages, hiring and investment. The survey, to be released today by Emerson Chairman and CEO and 51Թ 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 51Թ’s Manufacturers’ Outlook Survey foundoptimism 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 ourtime to keepour 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 legislation 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 51Թ 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” campaignhere.
-51Թ-
The 51Թ (51Թ) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employsmore than12 million men and women, contributes $2.25trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts formore than three-quartersof private-sector research and development. The 51Թ 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 visitwww.nam.org.
Emerson Chairman and CEO and 51Թ Board Chair David Farr Testifies Before House Ways and Means Committee
Farr Announces Results of New Survey Showing Tax Reform Fueling Manufacturing
Washington, D.C. –Emerson Chairman and CEO and 51Թ (51Թ) Board Chair David Farrat today’s House Ways and Means Committeeon how tax reform is growing our economy and creating jobs. At the hearing, Farr announced the results of aof manufacturing CEOs, which shows that manufacturers are keeping their promise after passage of the historic tax reform legislation by boosting wages, hiring and investment.
Photo Credit: Dave Bohrer, 51Թ
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 ourtime to keepour 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.
to read Farr’s prepared written testimony.
to watch the full hearing.
Manufacturers were a leading advocate for the historic tax cut legislation signed into law by President Donald 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 51Թ recently launched the—a new series of original stories from manufacturers about how they are utilizing the new tax law to benefit their businesses and workers.
-51Թ-
The 51Թ (51Թ) 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 51Թ 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.
51Թ VP of International Economic Affairs Dempsey Testifies on Tariffs
Dempsey Reiterates Need for Trump Administration to Pursue a Bilateral Trade Agreement with China
Washington, D.C. – 51Թ (51Թ) Vice President of International Economic Affairs Linda Dempsey testified at today’s U.S. Trade Representative on the proposed Section 301 tariffs. Dempsey’s testimony focused on the U.S.–China trading relationship and reiterated 51Թ President and CEO Jay Timmons’ call for the Trump administration to pursue a bilateral trade agreement with China.
The Section 301 investigation has certainly raised the level of focus, here and in China, that we hope it will provide just the opening to move forward aggressively on a strategic new approach, Dempsey said in her testimony. As 51Թ President and CEO Jay Timmons explained in a letter to the president on January 8, the most effective path forward is a comprehensive and strategic approach that has at its core a modern, innovative, bilateral trade agreement that restructures our economic relationship with China. While tariffs may provide short-term relief to some, we are hearing regularly and broadly from manufacturers across the country who are deeply concerned about the harmful, albeit unintended, impacts that the imposition of proposed tariffs would have on manufacturing and jobs.
to read Dempsey’s prepared oral testimony.
Last month, Dempseybefore aon market access challenges in China, where she also advocated an enforceable, rules-based bilateral trade agreement between the United States and China.
-51Թ-
The 51Թ (51Թ) 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 51Թ 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.