NAM's Q1 Outlook Survey Reveals Inflation, Hiring and Tax Concerns
While manufacturers remain mostly optimistic in their economic outlook (88.8%, up from 86.8% in Q4), the survey was conducted prior to the Russian invasion of Ukraine.
Edited by Margo Ellis
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The National Association of Manufacturers released its Q1 2022 Manufacturers’ Outlook Survey, which shows manufacturers’ significant concerns around inflation, hiring and potential tax increases. The NAM conducted the survey Feb. 11–25, 2022.
Key Findings:
- 88.1% of respondents cited supply chain challenges as a primary business challenge in the first quarter, 85.7% cited increased raw material costs, and 79.0% cited the inability to attract and retain a quality workforce.
- 88.6% of respondents said their company would find it more difficult to expand their workforce, invest in new equipment or expand facilities if the tax burden on income from manufacturing activities increased.
- 89.4% had unfilled positions within their companies for which they were struggling to find qualified applicants.
The full Q1 survey results and report are here.
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