U.S. Manufacturing May Grow This Year
Some major investments are being made in the U.S. to develop new manufacturing sites helping with the rise in employment. For example, Airbus is building a factory in Mobile, Alabama and Keer Group, a Chinese textile firm, is building in Charlotte, North Carolina. The Wall Street Journal states, “even so, the U.S. still relies heavily on products made overseas. The deficit on manufacturing trade totaled $568 billion in the first 10 months of 2013.” This number represents a $6 billion drop from the year prior. Moreover, employment in the U.S. manufacturing sector has grown about 5%, to 12 million jobs, since bottoming out in early 2010. It is still 13% below the pre-recession level of late 2007.
The Wall Street Journal states, “U.S. manufacturers have several trends running in their favor: Wages are flat, while those in China are soaring. U.S. energy costs have fallen. And many U.S. companies want to stop relying so heavily on foreign plants, where quality and delivery times are hard to control.” Manufacturers have an advantage at growing this year and it looks like many are taking the leap in investing and growing. Scarbrough International, Ltd. offers services to partner with any growing manufacturing firm and hope to assist in bringing more jobs to our communities.
To read more, please visit The Wall Street Journal