Global manufacturing marketplace Xometry has produced the quarterly “American Manufacturing Resurgence” survey alongside international polling firm Zogby Strategies. The findings indicate that manufacturing CEOs believe Donald Trump will win the 2024 US presidential election.
The study surveyed 150 executives of small-, medium-, and large manufacturing companies in the US last month.
55% of the CEOs back Trump to win in November, compared to 38% who preferred Democratic Party nominee Kamala Harris.
At the time of the survey, which was conducted July 16 through July 18, Harris was set to run as incumbent president Joe Biden’s VP candidate. Biden dropped out of the Presidential race on 21 July, with Harris clinching the Democratic nomination on 2 August.
Xometry and Zogby found that most manufacturing executives supported Vice President Kamala Harris’ bid for president over other Democratic Party candidates.
Interestingly, despite the reportedly strong support for Trump, 53% of the CEOs credit Biden’s policies as positively impacting their businesses over the last 3.5 years. This legislation includes the CHIPS and Science Act, which seeks to revitalize domestic manufacturing in the US and strengthen supply chains.
Looking to the future, the survey suggests a high level of optimism among American manufacturers. 71% of CEOs said they are on track to beat 2023 sales figures, up from 68% in the previous quarter. The results also reflect growing investment in artificial intelligence (AI) and automation technology.
Do US manufacturing CEOs back Donald Trump?
According to Jeremy Zogby, Managing Partner of Zogby Strategies, “Regarding the 2024 election, there is a strong sense among this key cohort that the stakes are the highest ever for their business.” The survey reportedly reflects a perception that a Trump-led administration will “drive innovation more so than any other candidate tested.”
Xometry CEO Randy Altschuler, a former Republican Party Congressional candidate who ran for election in 2010 and 2012, stated that the surveyed CEOs “appear to favor President Trump this November.” Altschuler added, “They also acknowledge the Biden Administration’s signature pieces of legislation that have helped their businesses.”
60% of the surveyed CEOs said that the election of J.D. Vance as Trump’s Vice President candidate has boosted the former president’s chances of re-election.
However, this pro-Trump sentiment is not unanimous among American executives. In a recent report from Fortune, Yale School of Management Professor Jeffrey Sonnefeld claimed that there is a clear anti-Trump feeling among leading US CEOs. According to Sonnefeld, executives from many Fortune 100 companies, such as PepsiCo, Ford, UPS, Verizon, and IBM, “despise” Trump’s social and fiscal policies.
What’s more, none of the Fortune 100 CEOs have donated to Trump’s 2024 re-election campaign. While this group has historically leaned Republican, data from Yale’s Chief Executive Leadership Institute shows that Trump also received zero donations in 2016. Only two Fortune 100 CEOs donated to Trump in 2020.
This indicates that Trump has the “lowest level of corporate support” in the Republican Party’s history,” Sonnefeld told Fortune. He added that the Fortune 100 CEO list is usually 65%–70% Republican, with most now “enthusiastically or reluctantly” set to vote Democrat on November 5th.
The Democratic party has also witnessed an uptick in support since it appointed Harris as its nominee. New polls by the New York Times and Siena College indicate that Harris currently leads Trump 50%-46% in three vital swing states – Wisconsin, Pennsylvania and Michigan. This reflects a key increase in support for the Democratic party since Biden dropped out, following a disastrous live debate which saw his approval rating fall to an all-time low of 37%.
US manufacturers share optimistic outlook
Away from the 2024 US election, Xometry and Zogby Strategies’ survey highlights a positive market outlook among US manufacturers.
“CEOs are optimistic about the future and are accelerating their investments in AI and automation to increase efficiency and gain a competitive edge in the global market,” commented Altschuler.
According to Zogby, “The data shows manufacturing in the US remains resilient as CEOs embrace and race towards AI and automation with healthy ROI already realized.”
75% of the CEOs stated that they are heavily investing in AI, up from 66% in the previous quarter. More than half (51%) are investing in automation, up from 39%. Of those investing in AI, 60% say they have already seen a significant return on investment (ROI), compared to just 39% in the previous quarter.
Concerns over the macroeconomic environment are also reportedly abating. Fewer CEOs now believe a black swan event, such as a recession, is likely to occur (51% from 57%). However, 25% said that they are still concerned about inflation.
The CEOs pointed to turmoil in the Middle East (49%) and conflict in Ukraine (20%) as the two geopolitical hotspots most likely to impact their business in the second half of 2024.
In terms of recruitment, 57% of respondents reported that they are struggling to find enough qualified employees. 55% of CEOs believe this challenge can be overcome by expanding US immigration policies to bring more talent into the country.
Industry experts on the future of 3D printing
Earlier this year, 3D printing experts shared insights on 3D printing trends and the future of 3D printing as part of the 2024 3D Printing Industry Executive Survey.
Key trends that were highlighted included the increasing adoption of additive manufacturing in various sectors, 3D printing to overcome supply chain challenges, and its growing role in the production of consumer goods.
Most of the respondents shared the optimistic 3D printing economic outlook of the “American Manufacturing Resurgence” study. 62% of those surveyed held a positive view of external conditions, with 68% believing that internal business conditions are favorable or very favorable.
Elsewhere, the 2024 Wohlers Report highlighted key 3D printing trends and forecasts, including an estimated 3D printing market valuation of $20.035 billion. Produced using data provided by 245 3D printing organizations, including service providers, and contract manufacturers, the report predicts a shift in 3D printing to high-volume production of end-use parts.
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Featured image shows the exterior of the White House. Photo via The White House.
