Manufacturing output is at its highest level in months right now – and that can be attributed to rising factory output, innovation, and strong manufacturing production gains. That in addition to the natural gas boom has made American workers appear much more attractive than they have in the past. Lower energy costs doesn’t necessarily mean that manufacturing output will increase from 9% of the total workforce to 30%, but it does mean that there will most likely be a steady increase within the next few years.
Countries with strong manufacturing outputs have a competitive edge in the global economy. According to the article “Is the U.S. Manufacturing Renaissance Real,” for every $1 of manufacturing output in a community, there’s another $1.48 of wealth created. Natural gas prices are at an all-time low, and with supplies plentiful in the U.S., it translates to affordable electricity and production for manufacturers.
The U.S. also remains consistent in its position as the leader in innovation across the global industry. 31% of U.S. spending comes from research and development, which is nearly double the spending of countries like Japan and China. As a manufacturer that prides itself on staying at the forefront of technology and up-to-date with the most technologically advanced products and services, we see the importance of keeping R&D as an integral part of our business practices at our facility.
In a recent survey conducted by Buying Consortium Prime Advantage, manufacturers are confident about their revenues, and anticipate growth in their current workforce. Manufacturing employees are working more hours than they have ever done before, and we that number is expected to continue to rise going forward.