According to a recent survey conducted in partnership by manufacturing marketplace Xometry and polling firm Zogby Strategies, manufacturing CEOs support Vice President Kamala Harris' bid for president over other Democratic contenders, and say President Joe Biden's policies have helped support their businesses over the last 3.5 years. However, most CEOs say President Trump's pick of Sen. J.D. Vance as running mate bolstered the former president's chances at recapturing the White House.
The eighth consecutive "American Manufacturing Resurgence" quarterly survey also shows that 53% of CEOs credit the CHIPS+ Act and other pieces of legislation from the Biden Administration in helping their business.
Nearly 60% of CEOs said the selection of J.D. Vance as Trump's VP has boosted his chances at re-election. Still, 55% of CEOs prefer Trump to 38% of CEOs who prefer Vice President Harris this November.
Despite the fast-moving events of the last week and a half, manufacturing CEOs remain confident in their outlook. The overwhelming majority say they are on track to beat 2023 sales. They are also looking to the future, rapidly deploying AI and investing heavily in automation to compete globally.
Among the poll's other key findings:
- 71% of CEOs, up from 68% last quarter, are on track to beat 2023 sales.
- 75% of CEOs, up from 66% last quarter, are investing heavily in AI. More than half (51%) are investing in automation, up from 39% last quarter.
- Nearly 60% of CEOs who have invested in AI say they have already seen a significant ROI, up from 39%.
- Fewer CEOs believe a black swan event, such as a recession, is likely to occur (down to 51% from 57%), but 25% of CEOs said they remain concerned about inflation
- 57% of CEOs report having difficulty finding enough qualified employees, and slightly more than half (55%) support expanding the country's immigration policies to bring more talent.
- Slightly less than half (49%) of CEOs say turmoil in the Middle East, followed by the ongoing war in Ukraine (20%), are the two geopolitical hotspots most likely to affect their business in the latter half of 2024.
Xometry commissioned John Zogby Strategies to conduct quarterly online nationwide surveys of 150 executives of small-, medium-, and large manufacturing companies. The survey was conducted July 16 through July 18, 2024.
Editor's note: This article's headline has been edited for clarity.
