95% of US Manufacturing CEOs Say November Election Will Have Great Impact on Industry

An overwhelming majority of manufacturing CEOs believe the upcoming U.S. election will be pivotal for industry. 

John Zogby Strategies and Xometry just released results from its “American Manufacturing Resurgence” survey. They show alignment among top executives on the role of federal policies have on shaping the sector’s future during uncertain times. 

According to the survey, 95% of manufacturing chief executives believe the November election will have a big impact on their industry. They told researchers they’re monitoring developments closely so they can pivot if needed. 

“Voters and business leaders alike agree: Manufacturing is the engine that pushes our country forward,” Xometry CEO Randy Altschuler said in a news release.

The U.S. manufacturing sector is facing converging challenges amid rapid workforce changes and tech advancements. 

While C-level execs historically support Republican presidential candidates, dynamics have shifted as President Biden and former President Trump prepare for their November rematch. Ahead of the 2024 election, business leaders have shown varied support between the two. 

Trump’s unique style and associations have chipped away at support from chief executives but he retains significant backing from prominent figures like Blackstone CEO Steve Schwarzman and Oracle CEO Safra Catz. Public support for Trump policies among manufacturing execs peaked in 2016 when he promised deregulation, tax cuts, and reshoring of manufacturing jobs on the campaign trail. 

In office, Trump adopted an aggressive stance on trade, implementing tariffs on imported goods to promote domestic manufacturing. By 2020, manufacturing executives shifted support as global trade tensions and tariffs impacted international supply chains and production costs. 

In 2024, Trump’s focus on deregulation, tax cuts, and previous push for reshoring could resonate with manufacturing leaders who are OK with his combative approach to trade. 

On the other hand, Biden has focused on rebuilding alliances, tackling tariffs and trade wars with caution. Biden also pushes for increased regulatory oversight, especially when it comes to environmental and labor standards. 

Seventy percent of the CEOs surveyed by Zogby support policies enacted under Biden like the CHIPS+, Inflation Reduction, and Infrastructure & Jobs acts. According to Politifact, manufacturing jobs have grown by 6.5 percent since Biden took office. Three years into Trump’s presidency, manufacturing jobs grew by 3.4 percent.

The Zogby survey results also show that:

  • 78% of chief executives have started or plan to start reshoring operations
  • 97% are using artificial intelligence or planning to integrate it within the next two years
  • 98% percent strongly support federal regulations on AI
  • 61% percent plan to increase hiring in 2024 despite challenges finding qualified workers
  • 94% are leaning toward raising prices on goods in the next year

Zogby Strategies is a market research and polling firm that specializes in industry analyses. Xometry offers an AI-powered marketplace for sourcing manufacturing solutions.

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