In the fall of 2014, the Advanced Manufacturing Partnership Steering Committee, a division of the Presidents Council of Advisors on Science and Technology, delivered an extensive report to the president detailing the state of the manufacturing industry. The report provided an action plan of sorts, or a list of recommendations based on issues that directly impact this specific aspect of the national economy. The president has launched a series of executive actions based on these recommendations, and the results have been largely positive. Support for this sector is expected to increase exports and boost job creation during the next several years.
One component of the action plan will involve a 300 million dollar investment in new technology provided by the Department of Defense, the Department of Energy and Agriculture, and NASA. These investments will be specifically targeted to manufacturing technologies and innovations that keep the nation “competitive”. The Department of Labor will also offer a 100 million dollar competitive grant to encourage the development of manufacturing apprenticeship programs.
With these and other new initiatives in place, the next five to eight years should see broad expansion in the manufacturing sector, with new production and distribution facilities created on domestic shores, new export channels opened with developing consumer markets overseas, and new jobs created across every aspect of the manufacturing industry.
With an increase in training programs for both skilled and highly skilled employees, the labor market will tighten, unemployment in the sector will drop, and wages will rise. Apprenticeship programs will steer new employees and younger workers toward manufacturing careers, and new innovations will allow companies to create more and better products at a lower cost to the environment.
Since February of 2010, the manufacturing sector has already added 700,000 jobs, which marks the fastest rate of growth since the 1990s. These new initiatives, prompted by the Steering Committee report, are expected to sustain and expand on this growth until 2020 and, ideally, into the next decade.
As always, the expert recruiting team at CSS will be keeping a close eye on the trends and changes that shape the manufacturing marketplace. For more information on what lies ahead — and what you can do to prepare — reach out to our office and arrange a consultation with our experts.