says. “Services are mostly the act of using manufactured goods. You can’t export the experience of using something. Retail and wholesale, which make up about 11% of the economy, are the act of buying and selling manufactured goods. The same goes for real estate, another 13%, which is the act of buying and selling a ‘real’ or physical asset, a building. Even health, which makes up about 8% of the economy, is the act of using medical equipment and drugs.” Manufacturing “creates a much better mix of jobs than advanced services — jobs for everyone from ordinary blue collar workers to capable engineers, brilliant scientists and resourceful and far-sighted top managers,” wrote former Forbes and Financial Times editor Eamonn Fingleton in a 2012 Forbes column. If the US had the same share of GDP in manu- facturing as Japan did in 2005, it would have had seven million more high-quality, long-term, well-paying jobs, according to Rynn. “If we were equal with Germany,” he says, “we would have 10 million more.” The manufacturing revival that is picking up steam in the US
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is not a call to bring back an old economy that has vanished. “A lot of the jobs we’ve lost in manufacturing are not necessarily
jobs you would want to get back,” says Mike Holden, director of policy and economics at Canadian Manufacturers and Exporters in Calgary. “We don’t want to compete on jobs that they have in Vietnam. We’ve lost that kind of manufacturing and it’s not necessarily a bad thing.” What is at stake is a very different reality. “The image of manufacturing as ‘dumb, dirty, dangerous and disappearing’ is far from accurate,” states a report by the US Council on Competitiveness. “Today, manufacturing is smart, safe, sus- tainable and surging. It has evolved to encompass a wide range of digital, mechanical and chemical technologies that infuse every step of designing, developing, fabricating, delivering and servicing manufactured goods. This includes high-tech model- ing and simulation as well as robotics, artificial intelligence and sensors for process control and measurement. Manufacturing is about managing global supply and digital networks.”
Bringing jobs back In spite of much resistance to the idea in academia and other circles, the US is spearheading a manufacturing revival. Reports, studies and initiatives abound. Reshoring is one such
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MARCH 2015 | CPA MAGAZINE | 35 2/6/2015 12:13:59 PM
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