Thursday, March 6, 2014
Manufacturing Jobs: How to Turn America’s Job Prospects Around Through Reshoring
What does a manufacturer do when it’s struggling with excessive costs? One of the most common reactions in recent years has been to pack up and move to another country or continent where it can bring its costs of production down.
And this is just what’s happening to a number of factories, except these are Asian plants moving production to the United States.
The Bureau of Statistics shows that close to six million manufacturing jobs were lost in the decade from 1999 to 2009, representing over one third of the sector’s workforce. But since 2010, this trend has turned around, recovering 550,000 jobs over the period, the first uptick since 1997.
Leading the Pack: Large Manufacturers Build New Facilities
The Wall Street Journal reports that Zhu Shanqing, chairman of Keer Group, is to spend $218 million in South Carolina to build a plant to spin yarn, adding 500 manufacturing jobs to the state’s economy. In another twist, China’s largest air conditioning manufacturer, Gree Electric Appliances, which manufacturers air conditioners sold in the US under a variety of different brands, is planning to build a plant in the US in 2014, although it wouldn’t say exactly where until the deal is sealed. And Hankook Tires, South Korea’s largest tiremaker, is planning to build a factory in Tennessee, to be in production by 2016, which will produce 11 million tires per year for the American market.
To read full article, click here.
Source: John Fossey (www.mfg-trends.com)
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