The Diminishing Effect of Buying Imports VS Investing in U.S. Made
Source: “The Diminishing Effect of Buying Imports VS Investing in U.S. Made” by MadeInAmerica.org
“The Diminishing Effect of Buying Imports VS Investing in U.S. Made,” a recent article from MadeInAmerica.org, explains that the manufacturing industry is an extremely important part of the U.S. economy. It provides approximately 12.85 million jobs, and manufactured goods make up about half of U.S exports. According to the Bureau of Economic Analysis, domestic production drove 11.6% of the U.S. economy’s output in 2018:
Manufacturing goods here in the U.S. also affects many local businesses and people. The return of the dollar spent on American goods and manufacturing is $2.89. When we use our money to keep investing in products made in the U.S., it compounds and helps the businesses all around us. To keep the industry growing, it is pivotal for new technologies to be implemented. Resources should be used to invest in things like 5G, artificial intelligence, and IoT. However, people must know how to design, use and fix those technologies. So, while manufacturing provides many jobs, it is seeing a decline in applicants that are qualified for them, which will likely cost the industry billions.
Over the next few years, the U.S. manufacturing force will need to solve this skills gap, keep domestic manufacturing prominent and improve it. To learn more about manufacturing in the U.S., visit Made In America.
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