November 15, 2016
Promoting Revitalization of the US Manufacturing Industry
The US manufacturing sector is on the rise, which was not the case previously. The growth in the automotive industry supports the success that continues to make these industries thrive within the US. Another factor is that improvement of domestic plants cost competitiveness, in comparison to the rise of manufacturing expenses as a result of high wages in other countries, draws attention of majority back to the US manufacturing industry. Here are some of the attributes that will help revitalize this industry.
Colleges as career factories
As the need to replace retiring employees within the US manufacturing field continues to rise, there is the threat of recruiting new hires from community colleges that offer generalized training. A new measure in place to provide job-training programs will help deal with the issue. Collaboration with community colleges to offer programs that the industry needs will be the other way to deal with this challenge.
Creation of regional centers of expertise
Manufacturing innovation and realization of new business opportunities lead to production of hi-tech and high-margin products. They can achieve this through creation of regional centers of competence that specialize in a particular area and leverage on that as well will make this achievable.
Value-addition on exports
The idea to make import more expensive than exports will also help revitalize the US manufacturing industry. To achieve this, there is a plan for those who ship products from the US, to acquire certificates equal to the value of their exports, while importers acquire certificates from exporters. That means exports become cheaper and this will make US goods more competitive.