One of the core principles of Trump’s Presidency campaign has been on revitalizing the American Manufacturing manufacturing — and for good reason. For nearly half a century and counting, manufacturing has played a vital role in the country’s economy. The United States is the world’s second largest manufacturer, producing more than $1.6 billion in industrial output in 2010. Some of the largest segments of the country’s manufacturing industry in terms of revenue include petroleum, steel, automobiles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber and mining.
While manufacturing remains vital to the country’s economy, however, it’s experienced slow and seemingly stagnant growth in recent years. As a result, President Trump has promised to revitalize the industry with the help of a newly formed “Manufacturing Revival Team.” So, what is the manufacturing revival team and how will it reshape the industry?
The manufacturing revival team is a group of highly esteemed business executives and union leaders who’ve been asked to provide expertise on how to grow and strengthen the country’s manufacturing industry as part of the Manufacturing Jobs Initiative. When announcing the revival team, the White House said President Trump will ask these leaders for input and insight to better align the manufacturing industry for prosperity. Some of the names included in the revival team are Mario Longhi, CEO of U.S. Steel, and Elon Musk, CEO of Tesla and SpaceX.
“There are a variety of issues we need to take a look at. It’s more than a simple piece of legislation.”
When speaking about the manufacturing revival team, American Manufacturing President Scott Paul, who is also one of the team’s leaders, explained that manufacturing is a vital component of a healthy economy. According to Paul, the economy grew by 1.9% in the last quarter of 2016. Paul went on to say that factory employees help sustain job growth in other industries through the purchases of related goods and services. “It supports and entire ecosystem,” Paul said, referring to the country’s manufacturing industry.
So, what’s in store for the American manufacturing industry? Being that the revival team was just recently created, it’s still to early to make any definitive statements. However, we do know that President Trump is working to encourage job creation/growth here in the states. This is being done through tax breaks and other incentives that encourage companies to manufacture products here in the U.S. instead of abroad.No tags for this post.