Manufacturing CEOs Say 2024 Presidential Election Will Be ‘Pivotal,’ New ‘American Manufacturing Resilience’ Survey From Zogby Strategies and Xometry Reveals

Rhea-AI Summary

Manufacturing CEOs believe the 2024 presidential election will be important for the industry, with a focus on AI, reshoring, and federal policies. The survey by Zogby Strategies and Xometry reveals that CEOs are optimistic about the impact of AI, digital technologies, and reshoring on American manufacturing.

Positive

• 95% of CEOs are closely monitoring the upcoming presidential election, with 77% stating that current federal policies have strengthened American manufacturing.
• 97% of CEOs plan to implement AI within the next two years, with 60% already seeing significant returns on their investments.
• 85% of CEOs support federal regulation of AI, while 88% believe the health of American manufacturing depends on reshoring.
• 80% of CEOs plan to increase wages in 2024, with 61% planning to hire more employees despite facing challenges in finding qualified talent.
• CEOs are positive about the impact of legislation like the CHIPS+, Inflation Reduction, and Infrastructure Investment & Jobs acts on the industry.
• CEOs are rapidly deploying digital technologies, with a focus on procurement, supply chain management, quality control, and automation.
• CEOs are considering price increases in 2024, reflecting a positive outlook on the industry's growth and profitability.
• CEOs acknowledge the importance of public-private partnerships and investments in advancing American manufacturing competitiveness.

Negative

• None.

• 95% of CEOs Say November Election Could Have a Big Impact on Industry; 77% Say Current Federal Policy Is Strengthening American Manufacturing
• 97% Say AI Will Play a Role in Their Operations in the Next Two Years; 85% Support Federal Regulation of AI
• 78% Have Reshored or Are Actively Reshoring Their Facilities; Nearly All Agree Reshoring Boosts American Manufacturing
  

NORTH BETHESDA, Md., April 16, 2024 (GLOBE NEWSWIRE) -- Manufacturing CEOs who are beginning to use AI, digitize their operations and reshore their facilities, say this year’s presidential election could also have significant consequences on American industry, according to the latest ‘American Manufacturing Resurgence’ poll by John Zogby Strategies and Xometry.

Nearly all CEOs (95%) interviewed for the quarterly survey are watching the run-up to the November election closely, with 77% saying current federal policy has helped strengthen American manufacturing. The majority of CEOs said specific legislation – notably the CHIPS+ (57%), Inflation Reduction (60%) and Infrastructure Investment & Jobs (60%) acts – have had a positive impact on industry.

The findings come as manufacturing CEOs have been aggressively deploying AI, embracing digital technologies and reshoring their operations to drive greater efficiencies and create locally resilient supply chains.

Among the key findings:

• 97% of CEOs have deployed, or are planning to deploy, AI within the next two years. Of the CEOs embracing AI, 60% have already realized a significant return on their investment, with 33% expecting strong results “in the coming year.” The top areas where AI is playing a crucial role: procurement (70%); supply chain management (61%); quality control (43%) and automation (41%). Eighty-five percent would support some sort of federal regulation of AI.
  
• 88% agree the health of American manufacturing depends on reshoring. Nearly 80% say they have already successfully reshored or are undergoing plans to reshore all or portions of their operations to further insulate their companies from macroeconomic and geopolitical disruptions.
  
• All CEOs say they are rapidly deploying digital technologies across their organization, with 65% saying their efforts are “moving along” (55%) or “well ahead of the game” (10%) with the remaining (35%) “just getting started.”
  

“American manufacturers have made tremendous progress over the last few years embracing AI, rolling out new digital tools and reshoring their operations,” said Randy Altschuler, CEO of Xometry. “They’ve also embraced new high-tech processes and benefited from Federal policies aimed at increasing American manufacturing competitiveness on the global stage. It’s no stretch to say American manufacturing is the new high-tech industry.”

The survey also found:

• The overwhelming majority (94%) are “somewhat likely” (19%) “very likely” (60%) or “definitely” (14%) raising prices in 2024.
• 61% of CEOs plan to increase hiring in 2024 with 36% maintaining existing employment levels. Nearly two-thirds (63%) said they continue to have difficulty finding qualified employees.
• 80% plan to increase wages this year.
  

The CEO sentiments reflect those of voters nationwide. In a series of separate surveys earlier this year, Zogby and Xometry polled registered voters in each of the first five primary states of Iowa, New Hampshire, South Carolina, Nevada and Michigan. Those surveys found that voters realize manufacturing is pivotally important to their states’ economies as well as to that of the nation as a whole.

“Voters and business leaders alike agree: Manufacturing is the engine that pushes our country forward,” Altschuler said. “America’s electorate supports public-private partnerships that strengthen American manufacturing, including worker training in automation, robotics and AI. They also support public investment in companies that advance our country’s standing in global manufacturing.”

About Xometry
Xometry’s (NASDAQ:XMTR) AI-powered marketplace, popular Thomas industrial sourcing platform and suite of cloud-based services are rapidly digitizing the $2.4 trillion manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to create locally resilient supply chains. The Xometry Instant Quoting Engine^® leverages millions of pieces of data to analyze complex parts in real-time, matches buyers with the right suppliers globally, and provides accurate pricing and lead times. Learn more at www.xometry.com or follow @xometry.

Media Contacts:
Illume PR for Xometry
xometry@illumepr.com 

Matthew Hutchison
VP, Global Corporate Communications
415-583-2119
Matthew.Hutchison@Xometry.com

Investor Contact:
Shawn Milne
VP, Investor Relations
240-335-8132
shawn.milne@xometry.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ac30344-507f-43c7-bc76-9f29589fdd13
https://www.globenewswire.com/NewsRoom/AttachmentNg/3dde8b2a-8c01-4abe-b24d-dbdfb7f73eeb

FAQ

What percentage of CEOs believe the upcoming presidential election could impact the industry?

95% of CEOs believe the upcoming presidential election could have a significant impact on the industry.

What percentage of CEOs support federal regulation of AI?

85% of CEOs support some form of federal regulation of AI.

What percentage of CEOs believe the health of American manufacturing depends on reshoring?

88% of CEOs believe the health of American manufacturing depends on reshoring.

What percentage of CEOs plan to increase wages in 2024?

80% of CEOs plan to increase wages in 2024.

What are the top areas where AI is playing a important role according to the survey?

The top areas where AI is playing a important role are procurement (70%), supply chain management (61%), quality control (43%), and automation (41%).

What percentage of CEOs are planning to deploy AI within the next two years?

97% of CEOs are planning to deploy AI within the next two years.

What are some of the key legislation acts positively impacting the industry according to CEOs?

CEOs mentioned the CHIPS+, Inflation Reduction, and Infrastructure Investment & Jobs acts as having a positive impact on the industry.

What percentage of CEOs are considering price increases in 2024?

The overwhelming majority (94%) are considering price increases in 2024.

What percentage of CEOs are planning to hire more employees in 2024?

61% of CEOs are planning to increase hiring in 2024.

What percentage of CEOs are facing challenges in finding qualified employees?

Nearly two-thirds (63%) of CEOs are facing challenges in finding qualified employees.