As an industry that has dealt with adversity many times, manufacturers are facing the current pandemic with the same determination. A new study, Manufacturers' Outlook Survey, released on May 28 reviewing the second quarter of 2020, found that despite a historic drop in optimism, to nearly 34%, and challenging business conditions, the vast majority of manufacturers (98.7%) have continued or only temporarily halted operations.
The survey also shows that manufacturers are innovating to find solutions to keep businesses running and to protect workers and communities:
-- 22% retooling to produce personal protective equipment
-- 67% reengineering processes to reflect COVID-19 safety protocols
- 12% completely reevaluating the mission of the firm.
“Manufacturers have led the country through the COVID-19 response, and America is counting on our industry to lead our recovery and renewal,” said NAM CEO Jay Timmons. “While these numbers show that we’ve faced difficult circumstances and that there is a challenging road ahead, manufacturers have proven that with our grit, determination and patriotic spirit, we can overcome any challenge facing the nation.”
As policymakers and regulators debate solutions to help the economy recover from this pandemic, the NAM urges them to focus on the renewal agenda laid out in the American Renewal Action Plan.
Some of the key provisions include the following:
Response:
o Congressional and administrative actions to allow manufacturers to further ramp up production and enhance distribution of personal protective equipment to support not only our hospitals but all sectors of the economy.
Recovery:
o Congressional and administrative actions to ensure that employees are able to go into work confident that proper health precautions are being implemented.
o Strong and clear legal reforms that protect the essential manufacturers that must remain open to provide vital goods and those that retool their factories to make urgently needed equipment and supplies.
Renewal:
o Significant investment in workforce training programs to aid dislocated workers.
o Historic investment in our nation’s infrastructure to boost the economy.
o Key reforms to boost economic and national security by growing the U.S. manufacturing industry.
o Congressional and administrative actions to expand U.S. exports and strengthen the manufacturing supply chain.
o The Treasury Department, Small Business Administration and Federal Reserve should speed the delivery of aid to small businesses by addressing key issues related to their new lending facilities.
” We have been encouraged by actions taken thus far, but there is still greater need for targeted liability reform, tax provisions to ensure investment in manufacturing and measures to reaffirm the U.S. supply chain to protect those businesses that continue to work on the front lines of the COVID-19 response to ensure as swift a recovery as possible," said Timmons..