What do economic growth, global competitive advantage, technological innovation, and high quality of life have in common? None of these would be possible without the manufacturing sector.
As much as we like to say manufacturing is on the wane in the developed world, with the Internet of Things (IoT), there’s actually been a resurgence in this sector, albeit perhaps on a smaller scale.
But still, here are the top facts that can’t be ignored about U.S. manufacturing:
A manufacturing renaissance?
A recent survey showed that the world’s manufacturers are making significant IoT investments globally. It’s expected that global IoT spending will boom to $70 billion in 2020, from $29 billion in 2015.
For the developed world, it could mean a reverse in the direction of manufacturers’ capacity and the jobs that go with them. Firms are choosing to move factories back from Asia to their biggest sales markets, despite the relative cheapness of transportation costs with oil being at an historically low price.
But it’s not all rosy on the jobs front. Manufacturers are also finding savings by employing technology like industrial robots to replace workers and their salaries.
Infographic concept courtesy of MP Star Financial