President Barack Obama announced earlier this month a half-a-billion-dollar investment to strengthen the American manufacturing industry. Specifically, the investment will focus on a new textiles-focused institute managed by the Department of Defense (DOD). While details of this initiative remain unknown at this time, news of this investment is a positive sign that American manufacturing is strong and well, even in the midst of uncertain workers.
To say the 2000-2010 was a tough decade for American workers would be an understatement. According to reports by US officials, nearly half of all major factories were forced to close their doors during this period. This prompted millions of hard-working Americans throughout the country to lose their jobs. But there’s good news on the horizon, as market analysts expect the economy and job market to strengthen in the upcoming years, due in part to the President’s recently announced initiative.
To put the strength of the American manufacturing industry into perspective, it’s estimated that some 877,000 new manufacturing jobs have been creased since February of 2010. That’s the fastest growth rate in decades, attesting to the power of American manufacturing.
Furthermore, the President is asking Congress to take steps to strengthen manufacturing even more across the country. In an interview with the press, President Obama said he wants to Congress to make bipartisan investments to bolster the American manufacturing industry.
Of course, the most notable aspect of the President’s initiative is the $500 billion investment he plans to inject into textile manufacturing. As noted by TextileWorld.com, the plan calls for several manufacturing institutes to be created throughout the country, all of which will bridge “the gap between early research and product development.” One of the hurdles faced by textile manufacturing is training and education. Without training, American workers won’t be able to find a job. This new initiative will create hubs that serve as both training and manufacturing facilities.
“As part of a National Network for Manufacturing Innovation, each manufacturing institute serves as a regional hub for leadership in emerging manufacturing technologies, bridging the gap between early research and product development by bringing together companies, universities and other academic and training institutions, and Federal agencies to co-invest in key technology areas that can encourage investment and production in the United States,” wrote TextileWorld.com.
What do you think of Obama’s new textile initiative?