U.S. manufacturers are hiring more workers, boosting wages and increasing domestic investments following the passage of the Tax Cuts and Jobs Act.
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Seventy-two percent of manufacturers are ramping up workers’ wages and benefits, according to a new survey from the National Association of Manufacturers (NAM). Meanwhile, 77% of survey respondents said they were hiring more workers, while 86% are investing more in plants and equipment.
“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,” NAM Board Chair David Farr said in a statement.
Meanwhile, optimism among manufacturers remains near all-time highs. More than 93% of manufacturers have a positive outlook on their company’s prospects in the U.S. economy – the second-highest level ever recorded by the National Association of Manufacturers – its most recent quarterly survey revealed.
Wage growth among those manufacturers surveyed last month also rose at the fastest pace in 17 years, despite remaining sluggish in the broader U.S. economy.
Manufacturers expected full-time employment to increase by 2.9% on average over the next year, an all-time high by the survey’s standards.