Study Finds Regulations Cost Small Manufacturers Over $50,000 Per Employee Annually
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The cost of federal regulations for small manufacturers is over $50,000 per employee annually, according to a National Association of Manufacturers (NAM) study.
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Total regulatory costs for manufacturers have risen 26% over the past decade, from $277 billion in 2012 to $350 billion in 2022 dollars.
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Regulatory compliance takes significant time - about 2/3 of NAM members spend over 2,000 hours, and 17% spend over 10,000 hours annually.
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69% of small manufacturers say they would hire more or boost pay if regulations were reduced.
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NAM argues regulations from multiple agencies undermine bipartisan efforts to boost US manufacturing competitiveness.