A combination of lower corporate taxes and slashing of regulations by the Trump administration has manufacturers on pace for their most optimistic year on record, according to the latest National Association of Manufacturers survey.

More than 92 percent of manufacturers surveyed said they had a positive outlook for their businesses in the third quarter. At that rate, 2018 would be the most optimistic year for manufacturers in the survey's 20-year history.

"Tax reform and regulatory relief have spurred strong manufacturing growth, and manufacturers are now investing in our communities, hiring more Americans and raising wages and benefits," Jay Timmons, CEO of the National Association of Manufacturers, said in a statement. "Amid all this good news, it is no surprise that manufacturers in 2018 are more optimistic than they have ever been in the history of our survey."

President Donald Trump signed a bill late last year that slashed the federal corporate tax rate to 21 percent from 34 percent. His administration has also rolled back several regulations on businesses.