IN THIS ISSUE:
1. U.S. Manufacturing Is Rising & Should Continue
2. Ramping Up US Semiconductor Manufacturing
3. At Last, American Manufacturing Renaissance
4. The Emerging Productivity Boom In America
Overview – More “Made In The USA”
We’ve all experienced shortages of various goods and/or services in the last year or so of the coronavirus pandemic. In recent decades, American manufacturers have increasingly outsourced the production of goods we consume to foreign countries where they can often be produced cheaper.
Yet when COVID-19 shuttered many factories abroad, we soon began to experience shortages here at home in lots of products we regularly consume. The shortage of semiconductor chips alone, which are embedded in our televisions, phones, cars, and all other electronic devices, led to shortages of all these products in parts of America.
The problem is we don’t manufacture many semiconductors here at home anymore.
The semiconductor supply issue began in early 2020, and as we approach the final three months of 2021, it’s still plaguing the industry. Over three-fourths of semiconductor chips are currently made in Asia, mostly in China. The good news is this may be changing in coming months and years as I will discuss below.
And that’s not all the good news. US labor productivity more than quadrupled in the first quarter of this year from what it had averaged over the last decade, thanks in large part to AI and digital technologies advancing rapidly now.
Many experts believe the 2020s will see a renaissance in US manufacturing sectors in this and the years to come. Let’s jump right in.