American Manufacturing is Growing Stronger Every Day
10/04/2014: White House
"When our manufacturing base is strong, our entire economy is strong. Today, we continue our work to bolster the industry at the heart of our Nation. With grit and resolve, we can create new jobs and widen the circle of opportunity for more Americans."
-- President Obama, National Manufacturing Day Proclamation
American businesses have officially added more than 10.3 million jobs over the last 55 months, the longest streak of private-sector job growth in history. That unprecedented growth is due, in part, to a key cornerstone of our economy: American manufacturing.
Thanks to the hard work of American businesses and the policies of President Obama, our manufacturing sector has added more than 700,000 new jobs since February 2010, the fasted pace of job growth since the 1990s. In fact, manufacturing has grown at nearly twice the rate of the economy overall, marking the longest period of outpacing the economy since the 1960s.
The story of American manufacturing is the story of progress. Take a look at how far American businesses and manufacturers have come in the last four years:
Over the last six years, the Obama administration has been focused on laying a new foundation for lasting global competitiveness and making America a magnet for good, middle-class jobs. Here are three things you need to know about where American manufacturing now stands in the world:
1. America's manufacturing sector is now more globally competitive than it has been in decades.
Due to the productivity of American workers, abundant and low-cost energy, and unparalleled access to innovation, it is more competitive to manufacture in the United States than in any other advanced economy. In 2013, 54 percent of executives say they were actively considering relocating production from China to the U.S. and righ now, we are opening new factories at the fastest rate in over 20 years.
Last year, at a time when other advanced nations were losing global export share, the United States global share of manufacturing exports grew faster than that of any country in the world except for China.
2. Manufacturing supports more than 17 million jobs -- or 1 in every 7 private-sector workers.
What's more, manufacturing wages and exports are growing twice as fast today as they were in the last decade. Current workers in manufacturing earn 22 percent more than workers in other sectors. New hires in manufacturing earn 38 percent more than those in other sectors.
3. America is now the best place for manufacturers to do business.
President Obama is continuing to strengthen American manufacturing by investing in regional manufacturing hubs; calling for direct investments that support innovation, research, and development; and promoting job training initiatives that will help students and workers retool to ensure this sector is fueled by the best-trained, most highly-skilled workforce in the world.
Along with these efforts, the Obama administration is promoting new ways to spur innovation and ensure America is #1 in the world for manufacturing:
- The Department of Defense is announcing a new competition to award more than $200 million in public and private investment to create an Integrated Photonics Manufacturing Institute, which will focus on developing next generation manufacturing technologies that govern the use of light for applications in laser, telecommunications, and Internet technologies.
- The Department of Commerce unveiled new resources to help more manufacturers discover the advantages of relocating to the U.S., including a new inventory costs calculator that will help them quantify the often hidden costs of lengthy, overseas supply chains.