Over the past couple of years, we’ve projected an improvement in U.S. manufacturing competitiveness by 2015 that would help drive an American manufacturing revival. The results of our latest survey make clear that a profound shift in attitude is beginning.
When you look at the total cost of production for many goods, the U.S. appears increasingly attractive.
The impact is likely to be enormous. A report released by BCG in August predicted that between 2 million and 5 million new jobs would be created in U.S. manufacturing before the end of the decade, less than seven years from now. This is estimated to bring down the unemployment rate by between two and three full percentage points.
In that August report, it was noted that the shift has already begun but without media fanfare. Since 2005, U.S. exports have been growing more than seven times faster than the country’s economy as a whole. In fact, exports from the United States are now at their highest point in 50 years, according to BCG. And this is just the beginning.