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Results In From Manufacturers Economic Growth Survey

March 14, 1997

Results are in from a new nationwide survey of 2,000 manufacturing executives conducted by the National Association of Manufacturing (NAM). Nearly two-thirds of the respondents to the 1997 Survey on Economic Growth believe that a lack of skilled workers is hindering their ability to grow. Sixty-four percent of those surveyed report that a significant number of their entry level employees do not have the skills needed to help increase productivity and growth.

NAM also reports that 65 percent of the respondents invest between one and five percent of annual payroll in worker education and training. Eleven percent invested between six and ten percent of payroll while twenty-two percent spend less than one percent of annual payroll on worker development.

When asked what three federal government initiatives have the greatest positive impact on their companies, the respondents indicated comprehensive regulatory reform (54 percent) and less restrictive monetary policy (54 percent). The top vote-getter (57 percent) was "Other" than the nine choices provided in the survey. "Measures to increase the rate of technological advance" received 19 percent of the vote and was ranked as the least important of the options given.

Respondents were asked to identify three tax incentives that would be most beneficial to companies. The three cited the most were: cut the capital gains tax (60 percent); restore the investment tax credit (52 percent); and eliminate double taxation of corporate dividends (36 percent.) Of the nine options "increase and make permanent the R&D tax credit" was the sixth most popular choice with 31 percent.

NAM has 14,000 member companies and subsidiaries, including 10,000 small manufacturers.

Copies of the survey are available by calling Phyllis Rogers at NAM, 202/637-3096.