The National Association of Manufacturers released the findings of a survey of manufacturing leaders examining the economic and operational impacts of COVID-19. This survey informed the NAM’s “COVID-19 Policy Action Plan Recommendations” released earlier this week, which highlighted key policy areas where legislative and administration action would help combat COVID-19 and future public health emergencies successfully.
Survey findings included:
- 78.3% of manufacturers anticipate a financial impact
- 53.1% of manufacturers anticipate a change in operations
- 35.5% of manufacturers are facing supply chain disruptions
When commenting on supply chain disruptions, respondents noted issues with parts arriving late and delivering to customers late as a result. While some said these disruptions are “manageable at this point,” they do create “some additional costs.” Many mentioned having to find “alternative suppliers,” and while disruptions are characterized as “minor now,” they are expected to become more serious “if slowdowns continue beyond next quarter.”
“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. 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,’” said NAM President and CEO Jay Timmons. “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.”
You can download the full survey here.
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