The COVID-19 pandemic has generated panic buying of everything from toilet paper to ammunition, but what does US manufacturing think about the near future? A newly released survey of manufacturing leaders conducted by the National Association of Manufacturers reveals that the industry expects to feel the impact in every aspect of operations, but especially on the bottom line.
In the survey, which was in the field from Feb. 28 to March 9, 78.3% of respondents say that the COVID-19 outbreak is likely to have a financial impact on their businesses; 53.1% of manufacturers are anticipating a change in their operations in the coming months; and 35.5% say that they are already facing supply chain disruptions.
When asked about resources that they need, survey respondents cite reliable information, including non-political and non-sensationalized facts; clear and timely updates on new restrictions and health advisories; information about how other companies are reacting; clear guidelines from expert agencies like the Centers for Disease Control and Prevention and the National Institutes of Health; and early detection resources to help stop the spread of the virus.
“Already, manufacturers are grappling with disruptions to their businesses due to the COVID-19 outbreak, with many anticipating financial and operational consequences—even before some of the developments of this week,” said NAM President and CEO Jay Timmons. “The federal government can take steps to further equip manufacturers to deal with COVID-19 by implementing the NAM’s ‘COVID-19 Policy Action Plan Recommendations.’ Across the country, manufacturers are stepping up to keep their employees and their communities safe and healthy, and working closely with elected officials, we can ensure the resilience not only of our companies but also our country.”
Within a day of the plan’s release, leading members of Congress began pushing for one of its key elements, tariff relief, and both the administration and members of Congress voiced their support for key legal protections for manufacturers of protective N95 masks.
As policymakers address these issues, the NAM has created a site for updates and on-line feedback for manufacturers about NAM’s lobbying efforts with Federal officials.