As 2014 comes to a close, the internet is filled with stories, articles, and reports on trends and hot topics that stood out during the past year. In addition there are many articles being written about things to watch for in the new year, such as up and coming markets or innovative technologies. Over the next few days we will be featuring some of these ideas in various posts, by collecting materials and digging deeper into these key concepts.
Manufacturing is an industry that has been around for years but really seems to be making a “comeback.” According to PWC’s report “Key findings in the industrial manufacturing industry,” 34% of industrial manufacturing CEOs are confident of growth in the industry. ThomasNet‘s Industry Market Barometer surveyed an estimated 500 North American manufacturers, results showing that 58% of them reported growth in 2013. And they don’t expect the growth to stop there, 63% expect business to keep increasing in the coming year.
But what factors have contributed to such a resurgence in American manufacturing? Chairman & CEO of Deloitte Consulting Jim Moffatt says the changing landscape of the American workforce is a big part of the manufacturing renaissance. According to Moffatt American workers are more skilled and more productive than ever, and outsourcing labor isn’t as cost effective as it used to be. He believes technological advances in manufacturing are also playing a big part, “The rise of advanced manufacturing means that a smaller share of the final cost of manufactured goods now can be attributed to labor. In this environment, a company looking to cut costs will need to focus more on materials and manufacturing process rather than labor.”Via Bringing it Back Home: How the Rebound in US Manufacturing is Reshaping Business by Jim Moffatt in Industry Week
The graph below comes from a report by MESA International and LNS Research entitled 2013-2014 Manufacturing Metrics that Really Matter Summary Report, and shows how drastically the manufacturing marketing is growing.
3D Printing / Additive Manufacturing, Fasteners, MFG Day, Manufacturing, Technology