In a recent survey of 150 small and mid-sized manufacturers in America, it was found that nearly half of them believe President Joe Biden is more likely to bring about a manufacturing renaissance in the country. This sentiment comes as the Biden administration pushes for an aggressive industrial policy aimed at boosting sectors like semiconductors, electric vehicles, and green technologies.
The survey, conducted by polling company John Zogby Strategies on behalf of Xometry, a Maryland-based company providing digital sourcing services for industrial producers, also revealed that just over 31% of respondents gave that accolade to Republican candidate Donald Trump. Interestingly, about 15% of manufacturers favored an unnamed third-party candidate to revitalize the sector.
Randy Altschuler, the chief executive of Xometry, noted that federal investments in the industrial sector have yet to filter down to smaller producers, with many high-profile projects favoring larger companies like Intel and Samsung. However, he believes that smaller companies will benefit down the road as these projects create demand for goods and services needed to support new factories.
The political divide over industrial policy seems to be narrowing, with even some Republicans like Senator Marco Rubio of Florida acknowledging the need for a strong industrial policy. Despite this, manufacturers still seem to favor Republicans, with the National Association of Manufacturers Political Action Committee directing the majority of its contributions to Republican candidates in the current election cycle.
As the presidential campaign gears up for November’s election, Biden is touring factories to highlight his accomplishments and garner support, especially in battleground states. The push for a manufacturing renaissance under the Biden administration is gaining traction among small and mid-sized manufacturers, signaling a potential shift in the industry’s outlook.