It’s no secret that American manufacturers have been at the leading edge of the economic recovery. We’ve added 520,000 manufacturing jobs since January 2010, the strongest period of manufacturing job growth since the 1990’s. And stories about companies like GE and Ford moving operations back to the U.S. pop up seemingly every week.
But the manufacturing sector is digging itself out of a deep, deep hole. The U.S. lost 41 percent of its manufacturing jobs between June 1979, when it peaked, and December 2009, when it reached its low point.
As we reach the fourth year of the economic recovery – and manufacturers celebrate several consecutive years of expansion and job gains – economists and policymakers are asking whether we really are reaching a new era in manufacturing, and how new policy steps can help make that a reality.
The Washington Post has a new special report answering those questions. Some other perspectives on the issue include:
- BCG: U.S. could see 2-3 million jobs from ‘re-shoring’ by 2015. China’s cost advantage in manufacturing is disappearing, according to the management consultancy. This could mean millions of new jobs as companies move production back to the U.S.
- Goldman Sachs: Manufacturing resurgence just ‘bounce-back’ from recession. According to the investment bank’s researchers, the manufacturing renaissance is cyclical, not structural. Manufacturing strength is coming from a weak dollar, not structural advantages like the shale gas revolution.
- Bank of America: Manufacturers increasingly willing to bring production to U.S. Firms with production overseas are bringing jobs back to the U.S., and established players are doubling down on investments in U.S. productivity, the bank said in a research report.