Tailwinds: Technology, Energy & Demand Several broad trends are driving the new momentum in the manufacturing sector: • Innovation. An array of new, advanced, software-enabled manufacturing tech- nologies, machines and tools—which can do more work, faster and with bet- ter precision than ever—is changing the global manufacturing game. This collection of new technology has dra- matically improved productivity, and it is helping to level the playing fi eld when it comes to competing against low overseas labor costs.
• Energy. The growth of innovative and unconventional extraction of oil and natural gas has sparked a variety of trends that are benefi cial to North
US consumers bought 15.6 million passenger cars and light trucks in 2013, an increase of 8% over the prior year. Most of those vehicles were made in North America, which is retooling for the higher-tech models of the future.
American manufacturers. While it has led to an obvi- ous boom for those who manufacture pipe, pumps and other energy extraction, storage and transporta- tion parts, the unconventional energy revolution also has dramatically lowered energy costs at home. That has made it more attractive than ever to make goods here with advanced manufacturing technology, whose biggest operational cost is often energy. In addition, the availability of abundant, inexpensive petroleum-based feedstock has also brightened the future for the US chemical industry.
• Demand. Following the Great Recession (2007–2009), there has been slow, organic growth in US demand and the economy, despite constant and sometimes fi erce political and global headwinds. The demand has been especially healthy for certain durable goods such as automobiles and commercial airplanes that are frequently sourced in North America. US consumers, for example, pur- chased 15.6 million passenger cars and light trucks in 2013, an increase of 8% over the
prior year and a level that would have been regarded as healthy prior to the recession, especially given relatively low incentive levels. Critical to manufacturers, however, is the fact that nearly 80% of those vehicles were made in North America, according to data from Automotive News. That has led to widespread retool- ing for parts for new models, many of which are being built with new materials and technology. The growth is equally robust for the commercial aircraft industry, which will require tens of thousands of jet engines in the forseeable future.
U.S. Manufacturing Jobs
After years of decline, the number of workers employed directly in US manufacturing has seen a slight uptick of 568,000 since February 2010.
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ManufacturingEngineeringMedia.com | March 2014
ALL EMPLOYEES
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