Domestic manufacturing is on a comeback or so predicts Justin Rose, Co-author of “Made in America, Again” and keynote speaker at today’s 27th Annual World Trade Day hosted by Bryant University.
While many may point to the sharp decrease in American made apparel as symptomatic of a domestic manufacturing decline, in reality, apparel constitutes only 2% of the United States’ consumed manufactured goods. Seventy percent of what we consume, we make including electronics, medical devices, software, pharmaceuticals and other high value products. According to Rose, since 1972, American output has increased 2.5X due to factors such as lean manufacturing. And, with other changes, including China’s rising labor costs, the United States stands to repatriate 25 – 30% of manufacturing as companies consider where to add capacity in the coming years.
Read the study to learn more about America’s manufacturing revival.
Learn more about World Trade Day