“Under Vice President Biden, Manufacturing Stagnated Across our Country and in Illinois.”
SCHAUMBURG, IL – According to a recent survey by the Technology & Manufacturing Association (TMA), 62% of Illinois manufacturers have less confidence in their business outlook under a Joe Biden presidency—fearing more taxes and regulations.
“This really comes as no surprise from our Illinois manufacturers because our members for the most part supported the President’s pro-business agenda because it was best for their companies. Under a Biden presidency, manufacturers are expecting taxes to go up and regulation to increase,” said Steve Rauschenberger, President of TMA.
The survey also showed that just 21% of respondents had more confidence in their business outlook under a Biden presidency, while 17% of respondents were unsure.
In a separate survey conducted by TMA, the Midwest Manufacturers’ Outlook Report, after an 8 month high in the month of October, manufacturers’ outlook on the industry and optimism dropped from 80% to 64% in the month of November.
Dennis LaComb, TMA’s Vice President of Government Affairs, concluded, “Joe Biden needs to reassure manufactures that he will stay tough on China, not dramatically change the taxation and regulatory policies of the Trump administration, and continue efforts to engage in trade agreements that prioritize American manufacturers.”
About TMA: Founded in 1925, the Technology & Manufacturing Association (TMA) represents and supports manufacturers in the Chicago metropolitan area and surrounding counties in northern Illinois, northern Indiana, and southern Wisconsin. TMA has almost 1,000 members and represents over 34,000 employees and nearly 26M square feet of manufacturing in Illinois.