NAM MANUFACTURERS’ OUTLOOK SURVEYFIRST QUARTER 2023
March 27, 2023

Percentage of Respondents Positive
About Their Own Company’s Outlook

Overall Facts About the Survey(December: 68.9% – Lowest Since Q3 2020)

Small Manufacturers: 55 responses (15.7%)
Medium-Sized Manufacturers: 160 responses (45.6%)
Large Manufacturers: 136 responses (38.8%)

Number of Responses: 351
In the Field: Feb. 21 – March 7, 2023

74.7%

Small Manufacturers: 80.0%(December: 76.8%)

NAM Manufacturing Outlook Index1

Medium-Sized Manufacturers: 75.3%(December: 71.1%)

49.7(December: 45.8)

Large Manufacturers: 71.9%(December: 61.4%)
Expected Growth Rate for SALESOver the Next 12 Months↑ 2.7%(December: ↑ 2.5% – Lowest Since Q3 2020)
Expected Growth Rate for FULL-TIME EMPLOYMENTOver the Next 12 Months↑ 1.6% – Still the Lowest Since Q3 2020
(December: ↑ 1.6%)
Expected Growth Rate for CAPITAL INVESTMENTS
Over the Next 12 Months↑ 1.8% – Lowest Since Q4 2020
(December: ↑ 2.3%)
Expected Growth Rate for PRICES OF COMPANY’SPRODUCTS Over the Next 12 Months↑ 2.4% – Lowest Since Q4 2020
(December: ↑ 2.9%)
Expected Growth Rate for INVENTORIESOver the Next 12 Months↓ 1.4% – Largest Decline Since Q2 2020
(December: ↓ 0.8%)

Expected Growth Rate for PRODUCTION
Over the Next 12 Months↑ 2.6% – Lowest Since Q3 2020
(December: ↑ 2.7%)
Expected Growth Rate for EMPLOYEE WAGESOver the Next 12 Months↑ 3.2% – Lowest Since Q1 2021
(December: ↑ 3.4%)
Expected Growth Rate for EXPORTS
Over the Next 12 Months↑ 0.5%(December: ↑ 0.3% – Lowest Since Q2 2020)
Expected Growth Rate for RAW MATERIAL PRICESAND OTHER INPUT COSTS Over the Next 12 Months↑ 2.8%(December: ↑ 2.7% – Lowest Since Q3 2020
Expected Growth Rate for HEALTH INSURANCE COSTSOver the Next 12 Months↑ 7.3%(December: ↑ 7.3%)

The NAM Manufacturing Outlook Index data series is revised each quarter to reflect the mean and standard
deviation of the historical data, dating back to the fourth quarter of 1997. Currently, the historical average forthose with positive responses in their outlook is 75.1%, with a standard deviation of 14.7%. An index reading of 40
would be consistent with one standard deviation below the mean (60.4% positive), and an index reading of 60
would be one standard deviation above the mean (89.8% positive). As such, the index helps to normalize theoutlook data to put them into a historical context.
11

Summary of Findings

Manufacturing Sentiment Rose in Q1 but Remains Just Below Historical Average: The National
Association of Manufacturers conducted the Manufacturers’ Outlook Survey for the first quarterof 2023 from Feb. 21 to March 7, 2023, and 74.7% of respondents felt either somewhat or very
positive in their company outlook, up from 68.9% in the fourth quarter, which had been thelowest since the third quarter of 2020 (Figures 1 and 2). It was the second straight reading
below the historical average (75.1%). Along those lines, the NAM Manufacturing Outlook Index
measured 49.7 in the first quarter, up from 45.8 in the fourth quarter.



Recession Expectations Were Split: Just more than 49% of manufacturers believed that the U.S.
economy would experience a recession in 2023 (Figure 3). This was down from 62.4% who said
the same thing in the prior survey. At the same time, 14.5% felt that the economy would avoid arecession, with 36.1% uncertain.



Workforce Challenges Continue to Dominate: Three-quarters of manufacturers cited theinability to attract and retain employees as their top primary challenge (Figure 4). This wasfollowed by concerns about increased raw material costs (60.1%), supply chain challenges(55.8%), rising health care and insurance costs (51.6%), a weaker domestic economy (50.7%)
and an unfavorable business climate (45.9%), among other challenges.

More Than 60% of Manufacturers Expect Improvement in Supply Chains by Year’s End: In thelatest survey, 21.5% of respondents suggested that supply chain disruptions had either alreadyabated or would do so in the current quarter (Figure 5). With nearly 40% anticipating
improvement in the next three quarters, 61.3% predict supply chain abatement by the end of2023, and 83.4% forecast improvement by the end of 2024.

The Inability to Find Enough Workers Comes with a Cost: More than 59% of respondents said
that not having enough employees will impact their ability to make investments or expand. In
contrast, 32.2% said that the lack of workers will not have an impact, with 8.7% uncertain. On
the topic of workforce, 46.8% said their company offers flexible scheduling where possible toproduction workers (Figure 6). Other forms of flexibility for production workers include offering
remote work (36.1%), a compressed workweek (29.7%) and the ability to swap or split shifts(12.2%), among others.



Increased Tax and Regulatory Burdens Will Hurt Manufacturers: More than 90% of
respondents said higher tax burdens on manufacturing income would make it difficult for theircompanies to expand their workforce, invest in new equipment or expand their facilities.
Similarly, 93.9% suggest that increased regulatory burdens would weaken their ability to invest
in workers, equipment or facilities. With that in mind, two-thirds of manufacturers said four ormore federal agencies promulgate regulations that affect their businesses, with nearly 82%
saying it is three or more.

Permitting Reform Would Be Beneficial: In the survey, 74.7% of respondents said that
permitting reform—which would simplify and speed up the approval process for new projects—
would be helpful to their manufacturing company, allowing them to hire more workers, expand
their business or increase wages and benefits.
2

Proposed Air Quality Standards on Particulate Matter Will Have a Cost: Facilities that fail tomeet the new EPA-proposed air standards would face restrictions, including limits on expansion
and possible forced shutdowns. In this survey, 55.4% of respondents said these new standards
would raise their costs of compliance, with roughly one-third suggesting it would lead toincreased permitting challenges and lessen investment and facility expansion plans.



Companies Involved in Building, Maintaining or Upgrading Infrastructure Systems and Projects
Note That Dollars Are Not Flowing as Quickly as Desired: Nearly half of respondents frommanufacturers involved in infrastructure repairs and upgrades do not believe Infrastructure
Investment and Jobs Act money is being distributed with appropriate speed.



Manufacturers Depend on Trade for Growth: More than 82% of manufacturers said theircompany regularly engages in trade, with 41% of respondents both exporting and importing
goods. In addition, 77.7% of manufacturers noted that the global economy was either
somewhat or very important to their company’s growth. If you include those suggesting that
trade was slightly important to growth, that figure rises to 96.8%.

Companies Are Increasing Their Investments Domestically: Of companies that are engaged ininternational trade, 62.3% are planning to increase investments and/or sourcing in the UnitedStates after reevaluating their company’s supply chains.

Europe Is an Important Market for Manufacturers in the U.S.: Of companies that are engaged
in international trade, nearly two-thirds of manufacturers said Europe was either somewhat orvery important for their company. That increases to 85.2% when including those suggesting that
Europe was slightly important. With that in mind, 77.7% would support U.S. efforts to launchmarket-opening trade agreement negotiations with countries in Europe.



PMI Analysis: Production Activity Rebounded in the First Quarter Relative to the Fourth
Quarter: The percentage reporting higher production rose from 23.5% in the fourth quarter to39.7% in the first quarter, with those citing declining output falling from 33.9% to 25.0% (Figure
8 and the table below). At the same time, hiring accelerated, but capital spending softenedslightly. Most importantly, all three measures were consistent with net expansions in activity.

Production
Employment
Capital SpendingPrevious
PMI

44.8
53.0
52.1

First Quarter 2023 Relative to Fourth Quarter 2022
Higher
No Change
Lower
PMI
39.7%
35.3%
25.0%
57.3
27.9%
56.3%
15.8%
56.0
24.8%
53.9%
21.4%
51.7

Some other trends regarding predicted growth rates over the next 12 months:
 Sales: Respondents expect sales to rise 2.7% over the next 12 months, up from 2.5% in the
fourth quarter, which was the slowest pace since the third quarter of 2020. Sixty-one
percent of manufacturers predict sales will increase over the next four quarters, with 38.4%
feeling orders will rise 5% or more. Medium-sized manufacturers felt the most upbeat in3their sales expectations, predicting 3.0% growth over the next year versus 2.5% for small
and large firms.
 Production: Respondents expect production to increase 2.6% over the next 12 months,
edging down from 2.7% in the previous survey and the weakest reading since the third
quarter of 2020. Yet, nearly 59% forecast output to rise over the coming months, with 18.1%
seeing declining production. Similar to sales, medium-sized respondents felt more optimistic
in their output outlook, expecting 3.0% growth over the next 12 months versus 2.2% forsmall and large manufacturers.
 Full-Time Employment: Respondents expect full-time employment to rise 1.6% over the
next 12 months, the same pace as in the previous survey and still the slowest since the third
quarter of 2020. Nearly 43% anticipate more full-time hiring over the next year, with 14.9%
predicting reduced employment. Small and medium-sized manufacturers felt the mostupbeat in their hiring plans, predicting 1.9% growth over the next 12 months. In contrast,
large firms expect employment to rise just 1.0%.
 Employee Wages: Respondents anticipate employee wages (excluding nonwage
compensation, such as benefits) to rise 3.2% over the next 12 months, down from 3.4% in
the fourth quarter and the slowest rate in two years. Just more than two-thirds ofmanufacturers predict wage growth of 3% or more over the next 12 months, with 16.3%
suggesting 5% or more. There was little difference by firm size.
 Capital Investments: Respondents expect capital spending to rise 1.8% over the next 12months, down from 2.3% in the previous survey and the weakest pace since the fourth
quarter of 2020. In this survey, 44.9% expect additional capital spending in the next year,with 36.0% predicting no change and 19.1% forecasting reduced capital expenditures.
Capital investment plans were higher with greater firm size. Small, medium-sized and large
manufacturers predicted 0.8%, 1.7% and 2.2% growth over the next 12 months,
respectively.
 Exports: Respondents expect exports to increase 0.5% over the next 12 months, up from
0.3% in the fourth quarter. Overall, 26.6% anticipate higher exports in the next year, with61.9% seeing no changes and 11.6% forecasting declines.
 Inventories: Respondents anticipate inventories shrinking 1.4% over the next 12 months,
down from 0.8% in the third and fourth quarters of last year and the largest decline since
the pandemic. (Excluding the pandemic, it was the worst reading in seven years.) More than
40% of manufacturers expect falling inventories over the next year, with 17.8% predicting
increases and 42.1% seeing no changes.
 Health Insurance Costs: Manufacturers predict health insurance costs will rise 7.3% over the
next 12 months, the same pace as in the previous survey. In the latest figures, just morethan 72.3% expect costs to increase 5% or more, including 24.3% seeing costs rising 10% or
more.

4

Figure 1: Manufacturing Business Outlook by Quarter, Q4 1997–Q1 2023
(Recessions Are Highlighted with Gray Shading)
100%
90%
80%
70%
60%

Historical Average= 75.1%

50%
40%
30%
20%

Note: Percentage of respondents who characterized the current business outlook as somewhat or very positive. Recessions aredesignated by the National Bureau of Economic Research.

Figure 2: Manufacturing Business Outlook by Quarter, Q1 2020–Q1 2023

87.6%

90.1%

87.5%

86.8%

88.8%
82.6%

75.6%

75.6%

74.2%

74.7%
68.9%

66.0%

33.9%

2020:1

2020:2

2020:32020:42021:12021:22021:32021:42022:12022:22022:32022:4

Note: Percentage of respondents who characterized the current business outlook as somewhat or very positive.

5

2023:1

Figure 3: “Do you think the U.S. will experience a recession in 2023?”

Uncertain,
36.1%

Yes,
49.4%

No,
14.5%

Figure 4: Primary Current Business Challenges, First Quarter 2023
74.9%

Attracting and retaining a quality workforce

60.1%

Increased raw material costs

55.8%

Supply chain challenges
Rising health care/insurance costs

51.6%

Weaker domestic economy and sales for our products to U.S.
customers

50.7%
45.9%

Unfavorable business climate (e.g., taxes, regulations)

41.0%

Transportation and logistics costs
Weaker global growth and slower export sales

21.4%

Trade uncertainties

19.7%
16.2%

Strengthened U.S. dollar relative to other currencies
Challenges with access to capital or other forms of financing

6.8%

Other

5.1%

Note: Respondents were able to check more than one response; therefore, responses exceed 100%.

6

Figure 5: When Firms Expect Supply Chain Disruptions to Abate
Suppy Chain Disruptions Will Abate:
Already Have or in Q1 2023: 21.5%
By the End of 2023: 61.3%
By the End of 2024: 83.4%

28.8%
22.1%

11.9%

9.6%

11.1%

10.2%
6.4%

They have
The first quarter The second
The second halfalreadyof 2023 (the quarter of 2023
of 2023
improved and current quarter)are back tonormal (prior tothe current
quarter)

Sometime in2024

At some later
date

Uncertain

Figure 6: “How has your company addressed the growing need for flexibility in the workplace for
production workers?”
46.8%

Our company offers flexible scheduling

36.1%

Our company offers remote work

29.7%

Our company offers compressed workweeks
Our company does not offer flexibility and does not plan to do
so in the future

18.9%
12.2%

Our company allows workers to swap/split shifts

10.5%

Uncertain
Other

9.3%

Our company utilizes an on-demand labor force to meetproduction demands

8.1%

Our company allows workers to job share

5.8%

Our company pays workers based on production, rather thanhours logged

3.8%

Our company does not offer flexibility but plans to do so in the
future2.3%

Note: Respondents were able to check more than one response; therefore, responses exceed 100%.

7

Figure 7: “Is your company engaged in international trade?”
Uncertain, 3.5%
No, my company
neither exports nor
imports, 14.2%
Yes, my company
regularly
exports, 30.5%

Yes, my company
regularly exports
and imports,
41.0%

Yes, mycompany
regularly
imports, 10.8%

Figure 8: Change in Manufacturing Activity in First Quarter 2023 Relative to Fourth Quarter 2022
56.3%

53.9%

39.7%
35.3%
27.9%

25.0%

24.8%

21.4%
15.8%

Higher

No Change

Production

Employment

8

Lower

Capital Spending

Figure 9: Expected Growth of Manufacturing Activity, Q1 2021–Q1 2023
Expected Growth Over Next 12 Months
Sales ↑ 2.7%
Production ↑ 2.6%
Exports ↑ 0.5%
Capital Investments ↑ 1.8%
Full-Time Employment ↑ 1.6%

7%
6%
5%
4%
3%
2%
1%
0%

2021:1

Sales

2021:22021:3

Production

2021:4

Exports

2022:12022:2

Capital Investments

Note: Expected growth rates are annual averages.

92022:32022:42023:1

Full-Time Employment

Survey Responses
1.

How would you characterize the business outlook for your firm right now?
a. Very positive – 15.80%
b. Somewhat positive – 58.91%
c. Somewhat negative – 22.99%
d. Very negative – 2.30%
Percentage that is either somewhat or very positive in their outlook = 74.71%

2.

Over the next year, what do you expect to happen with your company’s overall sales?
a. Increase more than 10 percent – 15.19%
b. Increase 5 to 10 percent – 23.21%
c. Increase up to 5 percent – 22.64%
d. Stay about the same – 20.06%
e. Decrease up to 5 percent – 7.74%
f. Decrease 5 to 10 percent – 6.88%
g. Decrease more than 10 percent – 4.30%
Average expected increase in sales consistent with these responses = 2.69%

3.

Over the next year, what do you expect to happen with your company’s overall production levels?
a. Increase more than 10 percent – 16.33%
b. Increase 5 to 10 percent – 17.77%
c. Increase up to 5 percent – 24.64%
d. Stay about the same – 23.21%
e. Decrease up to 5 percent – 8.31%
f. Decrease 5 to 10 percent – 6.02%
g. Decrease more than 10 percent – 3.72%
Average expected increase in production consistent with these responses = 2.55%

4.

Over the next year, what do you expect to happen with the level of exports from your company?
a. Increase more than 5 percent – 6.07%
b. Increase 3 to 5 percent – 13.01%
c. Increase up to 3 percent – 7.51%
d. Stay about the same – 61.85%
e. Decrease up to 3 percent – 3.18%
f. Decrease 3 to 5 percent – 4.05%
g. Decrease more than 5 percent – 4.34%
Average expected increase in exports consistent with these responses = 0.51%

5.

Over the next year, what do you expect to happen with prices on your company’s overall product line?
a. Increase more than 10 percent – 4.01%
b. Increase 5 to 10 percent – 19.77%
c. Increase up to 5 percent – 41.55%
d. Stay about the same – 23.50%
e. Decrease up to 5 percent – 7.45%
f. Decrease 5 to 10 percent – 2.87%
g. Decrease more than 10 percent – 0.86%

10Average expected increase in product prices consistent with these responses = 2.44%
6.

Over the next year, what do you expect to happen with raw material prices and other input costs?
a. Increase more than 10 percent – 6.00%
b. Increase 5 to 10 percent – 25.14%
c. Increase up to 5 percent – 35.43%
d. Stay about the same – 17.71%
e. Decrease up to 5 percent – 11.72%
f. Decrease 5 to 10 percent – 3.14%
g. Decrease more than 10 percent – 0.86%
Average expected increase in raw material prices consistent with these responses = 2.76%

7.

Over the next year, what are your company’s capital investment plans?
a. Increase more than 10 percent – 17.43%
b. Increase 5 to 10 percent – 12.57%
c. Increase up to 5 percent – 14.86%
d. Stay about the same – 36.00%
e. Decrease up to 5 percent – 7.14%
f. Decrease 5 to 10 percent – 4.00%
g. Decrease more than 10 percent – 8.00%
Average expected increase in capital investments consistent with these responses = 1.78%

8.

Over the next year, what are your inventory plans?
a. Increase more than 10 percent – 2.58%
b. Increase 5 to 10 percent – 6.30%
c. Increase up to 5 percent – 8.88%
d. Stay about the same – 42.12%
e. Decrease up to 5 percent – 18.62%
f. Decrease 5 to 10 percent – 12.03%
g. Decrease more than 10 percent – 9.46%
Average expected increase in inventories consistent with these responses = -1.36%

9.

Over the next year, what do you expect in terms of full-time employment in your company?
a. Increase more than 10 percent – 4.86%
b. Increase 5 to 10 percent – 13.71%
c. Increase up to 5 percent – 24.00%
d. Stay about the same – 42.57%
e. Decrease up to 5 percent – 11.71%
f. Decrease 5 to 10 percent – 1.71%
g. Decrease more than 10 percent – 1.43%
Average expected increase in full-time employment consistent with these responses = 1.55%

10. Over the next year, what do you expect to happen to employee wages (excluding nonwage
compensation, such as benefits) in your company?
a. Increase more than 5 percent – 16.33%
b. Increase 3 to 5 percent – 51.58%
c. Increase up to 3 percent – 24.64%
d. Stay about the same – 6.30%
e. Decrease up to 3 percent – 0.57%
11

f.
g.

Decrease 3 to 5 percent – 0.29%
Decrease more than 5 percent – 0.29%
Average expected increase in employee wages consistent with these responses = 3.21%

11. Over the next year, what do you expect to happen to health insurance costs for your company?
a. Increase 15.0 percent or more – 7.71%
b. Increase 10.0 to 14.9 percent – 16.57%
c. Increase 5.0 to 9.9 percent – 48.00%
d. Increase less than 5.0 percent – 20.57%
e. No change – 3.71%
f. Decrease less than 5.0 percent – 0.29%
g. Decrease 5.0 percent or more – 0.29%
h. Uncertain – 2.86%
Average expected increase in health insurance costs consistent with these responses = 7.32%
12. What are the biggest challenges you are facing right now? (Check all that apply.)a. Weaker domestic economy and sales for our products to U.S. customers – 50.71%
b. Weaker global growth and slower export sales – 21.37%
c. Trade uncertainties (e.g., actual or proposed tariffs, trade negotiation uncertainty) – 19.66%
d. Strengthened U.S. dollar relative to other currencies – 16.24%
e. Challenges with access to capital or other forms of financing – 6.84%
f. Unfavorable business climate (e.g., taxes, regulations) – 45.87%
g. Increased raw material costs – 60.11%
h. Rising health care/insurance costs – 51.57%
i. Transportation and logistics costs – 41.03%
j. Supply chain challenges – 55.84%
k. Attracting and retaining a quality workforce – 74.93%
l. Other – 5.13%
13. What is your company’s primary industrial classification?
a. Chemicals – 6.84%
b. Computer and electronic products – 1.99%
c. Electrical equipment and appliances – 6.84%
d. Fabricated metal products – 25.36%
e. Food manufacturing – 2.85%
f. Furniture and related products – 1.42%
g. Machinery – 11.40%
h. Nonmetallic mineral products – 1.99%
i. Paper and paper products – 3.13%
j. Petroleum and coal products – 0.57%
k. Plastics and rubber products – 6.55%
l. Primary metals – 3.42%
m. Transportation equipment – 5.70%
n. Wood products – 1.99%
o. Other – 19.94%
14. What is your firm size (e.g., the parent company, not your establishment)?
a. Fewer than 50 employees – 15.67%
b. 50 to 499 employees – 45.58%
c. 500 or more employees – 38.75%
d. Uncertain – none
12

15. How would you characterize production in the first quarter relative to the fourth quarter?
a. Higher – 39.66%
b. No change – 35.34%
c. Lower – 25.00%
Production Purchasing Managers’ Index = 57.33
16. How would you characterize employment in the first quarter relative to the fourth quarter?
a. Higher – 27.87%
b. No change – 56.32%
c. Lower – 15.80%
Employment Purchasing Managers’ Index = 56.03
17. How would you characterize capital spending in the first quarter relative to the fourth quarter?
a. Higher – 24.79%
b. No change – 53.85%
c. Lower –21.37%
Capital Spending Purchasing Managers’ Index = 51.72
SPECIAL QUESTIONS
18. When do you expect that supply chain disruptions will abate?
a. They have already improved and are back to normal (prior to the current quarter) – 11.92%
b. The first quarter of 2023 (the current quarter) – 9.59%
c. The second quarter of 2023 – 11.05%
d. The second half of 2023 – 28.78%
e. Sometime in 2024 – 22.09%
f. At some later date – 6.40%
g. Uncertain – 10.17%
19. Do you think the U.S. will experience a recession in 2023?
a. Yes – 49.42%
b. No – 14.45%
c. Uncertain – 36.13%
20. Does the inability to find enough workers impact your decision to make investment plans or to expand?
a. Yes – 59.13%
b. No – 32.17%
c. Uncertain – 8.70%
21. How has your company addressed the growing need for flexibility in the workplace for production
workers? (Select all that apply.)a. Our company offers remote work – 36.05%
b. Our company offers flexible scheduling (e.g., flexible hours, floating schedules) – 46.80%
c. Our company offers compressed workweeks (e.g., four 10-hour days) – 29.65%
d. Our company allows workers to swap/split shifts – 12.21%
e. Our company allows workers to job share (e.g., two people share one position) – 5.81%
f. Our company pays workers based on production, rather than hours logged – 3.78%
g. Our company utilizes an on-demand labor force (including “gig” workers) to meet production
demands – 8.14%
13

h.
i.
j.
k.

Other – 9.30%
Our company does not offer flexibility but plans to do so in the future – 2.33%
Our company does not offer flexibility and does not plan to do so in the future – 18.90%
Uncertain – 10.50%

22. If the tax burden on income from manufacturing activities increased, would your company find it moredifficult to expand its workforce, invest in new equipment or expand facilities?
a. Yes – 90.43%
b. No – 9.57%
23. If regulatory burdens are increased substantially, would your company find it more difficult to expand its
workforce, invest in new equipment or expand facilities?
a. Yes – 93.93%
b. No – 6.07%
24. If Congress were to enact permitting reform, simplifying and speeding up the approval process for new
projects, would this be helpful for your company, allowing you to hire more workers, expand yourbusiness or increase wages and benefits?
a. Yes – 74.71%
b. No – 25.29%
25. At the federal level, how many executive agencies promulgate regulations that affect your business (e.g.,
Environmental Protection Agency, Department of Labor, Department of Treasury, Securities and Exchange
Commission, Occupational Safety and Health Administration, National Labor Relations Board)?
a. 1 – 0.86%
b. 2 – 9.22%
c. 3 – 14.41%
d. 4 – 19.60%
e. 5 or more – 47.55%
f. Unsure – 8.07%
g. None – 0.29%
26. The EPA has proposed tightened air quality standards for particulate matter. Facilities in areas that fail tomeet the new standards would face restrictions, including limits on expansion and possible forced
shutdowns. How would your business likely be impacted by these new regulations? (Select all that apply.)a. Increased permitting challenges – 33.04%
b. Heightened costs associated with compliance – 55.36%
c. Less investment and facility expansion – 34.20%
d. Decrease in workforce or wages – 15.36%
e. Shift investment and production elsewhere – 21.45%
f. No impact – 16.81%
g. Uncertain – 23.19%
27. Is your company involved in building, maintaining or upgrading infrastructure systems or projects?
a. Yes – 42.20%
b. No – 51.73% (Skip to question #30)
c. Uncertain – 6.07% (Skip to question #30)
28. Has your company sought funding or federal partnership for any project utilizing programs authorized in
the 2021 Infrastructure Investment and Jobs Act?
a. Yes – 8.97%
b. No – 80.69%
c. Uncertain – 10.34%
1429. Are the infrastructure improvement projects receiving funding and related federal investment from the
IIJA as fast as you would expect them to?
a. Yes – 8.28%
b. No – 48.97%
c. Uncertain – 42.76%
30. Is your company engaged in international trade?
a. Yes, my company regularly exports – 30.52%
b. Yes, my company regularly imports – 10.76%
c. Yes, my company regularly exports and imports – 40.99%
d. No, my company neither exports nor imports – 14.24% (Skip to end)e. Uncertain – 3.49% (Skip to end)
31. To what extent is the global economy important for your company’s growth?
a. Very important – 46.29%
b. Somewhat important – 31.45%
c. Slightly important – 19.08%
d. No impact on our company’s growth – 2.83%
e. Not important at all – none
f. Uncertain – 0.35%
32. After reevaluating your company’s supply chains, are you planning to increase your company’s
investments and/or sourcing in the U.S.?
a. Yes – 62.32%
b. No – 22.18%
c. Uncertain – 15.49%
33. To what extent are economic ties with Europe important for you and your company?
a. Very important – 39.93%
b. Somewhat important – 26.50%
c. Slightly important – 18.73%
d. No impact on our company’s growth – 14.13%
e. Uncertain – 0.71%
34. Would you support U.S. efforts to launch market-opening trade agreement negotiations with countries in
Europe?
a. Yes – 77.74%
b. No – 3.53%
c. No opinion – 18.73%

15