Official White House Photo by Shealah Craighead
At the beginning of last year, manufacturers had high hopes (and expectations) that the Trump administration would come to Washington to ease the regulatory burden on the business community and create a more competitive tax code that would allow manufacturers to expand their businesses and hire more workers.
After nearly a year of pro-growth policies capped with historic tax reform, manufacturers are reporting record-high optimism in the economy, expanding at record-high rates and making ambitious plans for the future. This isn’t a coincidence, and economists agree.
According to economists surveyed by The Wall Street Journal, policies pursued by the Trump administration over the past year have had “positive effects” on the U.S. economy and that 2018 would bring more to come:
Economists surveyed by The Wall Street Journal say President Donald Trump has had generally positive effects on U.S. economic growth, hiring and the performance of the stock market during his first year in office.
The professional forecasters also predicted 2018 would see solid growth and a continued decline in the jobless rate. One factor: the tax cuts signed into law by Mr. Trump in December, which most economists say will boost the economy for several years at least.
— Real Time Economics (@WSJecon) January 11, 2018
The Wall Street Journal story also quoted the National Association of Manufacturers Chief Economist Chad Moutray:
Asked to rate Mr. Trump’s policies and actions to date, a majority of economists said he had been somewhat or strongly positive for job creation, gross domestic product growth and the stock market. Most also said he had been either neutral or positive for the country’s long-term growth trajectory, while his influence on financial stability was seen as largely neutral.
“There is definitely a sense in the business community that the president’s actions on taxes and regulations have led to a more pro-growth environment for them to operate,” said Chad Moutray, chief economist at the National Association of Manufacturers.
Manufacturers are heading into 2018 with record-high optimism, but there is still more policymakers can do to sustain economic growth. A big investment in our nation’s infrastructure, workforce solutions, trade expansion and additional regulatory reforms will be keys to unlocking an even more successful 2018.
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