Key Points:
The U.S. has recently seen a decline in manufacturing
Increasing education requirements, lack of diversity and flexibility and declines in employer-provided job training are preventing workers from entering the sector
By 2030, 2.1 million manufacturing jobs could sit unfulfilled, costing the U.S. $1 trillion over the next decade
Investment in domestic manufacturing is needed to make the U.S. resilient to supply chain shocks
The coronavirus pandemic and subsequent economic crisis have highlighted how reliant the U.S. economy is on the web of global supply chains for manufactured goods. The decades-long decline of U.S. manufacturing meant that disruptions to the global market for semiconductors and other critical industrial goods led to acute shortages and higher prices for American families.
- The decision by big corporations to offshore manufacturing production instead of investing in domestic manufacturing contributed to significant supply chain disruption during the coronavirus pandemic.
- The U.S. lost over a quarter of manufacturing jobs since 2000 and production of critical inputs like semiconductors has increasingly moved overseas
- The transformation of American manufacturing has reduced economic opportunity for working families, especially for workers without a college degree
Countering these damaging trends will require historic investments in American manufacturing, infrastructure and innovation.
Read the full report HERE.
