A new NAM survey shows manufacturers’ optimism rising to 65% in Q3 2025, up 10 points from the previous quarter, following the passage of the landmark One Big Beautiful Bill Act. Still, confidence remains below the historical average, with concerns intensifying over trade uncertainty (78%), rising raw material costs (68%) and increasing health care expenses (65%).

NAM President and CEO Jay Timmons noted that sustained certainty in trade, permitting, regulation and workforce policy is needed to unlock the full potential of the tax reforms. Manufacturers project 2.5% growth in production and 1% in capital investment over the next year, while costs are expected to rise more slowly than in Q2. 10/2/2025