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The Top Five Manufacturing Trends of 2012
American manufacturing was in the spotlight for much of 2012. From members of the media and political pundits/candidates to educators and the "man on the street", everybody was talking about U.S. manufacturing. This renewed interest in the US manufacturing sector is because the industry is leading the way in the recovery of the US economy. According to the latest employment report from the Bureau of Labor Statistics; there are nearly 12 million jobs in manufacturing. Furthermore, the Bureau of Economic Analysis reports that U.S. manufacturing supports 12 percent of our GDP, producing more than $1.7 trillion of value each year. This is the highest level for manufacturing since 2007. (*)
Here are the most notable manufacturing themes of 2012.
1) Exporting
Exporting provides opportunities to expand the sales of U.S. manufacturing industries, resulting in potentially greater revenues for U.S. companies and higher employment for U.S. workers. To learn more about the link between exporting and the economic stability of the U.S. manufacturing sector, click here.
2) Re-shoring
In the current phase of globalization, some high-skill manufacturing jobs are drifting back to the U.S. While services remains America's strength, local U.S-based production is gaining ground on account of varied factors such as a weaker dollar, cheap energy at home, rampant corruption in developing countries and rising wages in China. For Full article, click here.
3) Made in America
Given a choice between a product made in the U.S. and an identical one made abroad, 78 percent of Americans would rather buy the American product, according to a new nationally representative survey by the Consumer Reports National Research Center. Read Consumer Reports Article here.
While macroeconomic uncertainties still abound, global manufacturers are using the low-growth environment to ramp up their innovation activity, increase efficiency, and add value to their offerings simultaneously. KPMG's new report, Global Manufacturing Outlook: Fostering Growth through Innovation, examines an industry experiencing transformational shifts and the strategies manufacturing leaders are using to adapt to ongoing volatility, drive innovation, and position themselves for both top and bottom-line growth. To download KPMG's report, click here.
5) Additive Manufacturing
Additive manufacturing, sometimes referred to as 3D printing, is the process of making three dimensional, solid objects from a digital model. This process will help America serve as a high-tech manufacturing hub of the world for years to come. Keep your eyes open for developments in this field. To learn more about additive manufacturing, click here.
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