“The stars could be aligning for US manufacturing. There is both public- and private-sector resolve to shore up a sector that has long been an important pillar of the economy. This momentum, combined with technology trends and market opportunities, offers a rare chance to change the existing trajectory—and give the United States a powerful driver for economic recovery, inclusive growth, resilience, and the capabilities of the future.”
US manufacturing: Building a more competitive sector | McKinsey
The McKinsey Global Institute (MGI), McKinsey & Company’s research group, recently released a report on U.S. manufacturing that highlights how significant manufacturings impact the U.S. economy and competitiveness.
The McKinsey Global Institute report states that “manufacturing is uniquely positioned to strengthen the US recovery over the long term because of its outsize economic contributions.” The incredible impact numbers are reflected in Exhibit 1 below,
The McKinsey Global Institute report identified 16 out of 30 manufacturing industries that they believe “can advance productivity and economic growth; jobs and incomes for workers and communities; innovation and competitiveness; or national resilience.” They report that the 16 identified industries will make the greatest contribution in building a more competitive United States manufacturing sector. The 16 include:
- aircraft and defense equipment,
- autos and parts,
- basic metals,
- communications equipment,
- electrical equipment,
- electronics,
- fabricated metals,
- general machinery,
- medical devices,
- other transport equipment,
- petrochemicals,
- pharmaceuticals,
- precision tools,
- semiconductors,
- special-purpose machinery, and
- specialty chemicals.
Read more in the report by CLICKING HERE.