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US Can Create Millions of Manufacturing Jobs by 2015, Boston Consulting Analysis Says

Wednesday, 02 Nov 2011 08:07 AM

New research from the Boston Consulting Group (BCG) says the United States could add two-to-three million jobs and $100 billion in output through a renewal of manufacturing jobs starting around 2015, when China’s shrinking cost advantage should prompt companies to rethink where they produce certain goods meant for sale in North America.

“A surprising amount of work that rushed to China over the past decade could soon start to come back — and the economic impact could be significant,” said Harold L. Sirkin, a BCG senior partner and lead author of the analysis.

“We’re on record predicting a U.S. manufacturing renaissance starting by around 2015. Now we can be more specific about which industries will return and why.”
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As a result of manufacturing returning to the U.S., seven industry clusters will approach a tipping point in the next few years, the analysts say, including transportation goods such as vehicles and auto parts, electrical equipment including household appliances, and furniture.

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"Together, these seven industry groups sectors account for about $2 trillion in U.S. consumption per year and about 70 percent of U.S. imports from China, valued at nearly $200 billion in 2009,” says BCG.

In many cases, companies will shift production back from China or choose to locate new investments in the U.S., according to BCG. The U.S. is also expected to become a more competitive export base in these sectors for Europe and Canada.

“This U.S. manufacturing renaissance not only could add $100 billion in output to the U.S. economy, but also could lower the U.S. non-oil trade deficit by 20 to 35 percent.”

The Florida Times-Union reports that more than 42,000 factories were closed in the United States between 2000 and 2005, and one-third of all manufacturing jobs, 5.5 million, have disappeared.

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New research from the Boston Consulting Group (BCG) says the United States could add two-to-three million jobs and $100 billion in output through a renewal of manufacturing jobs starting around 2015, when China s shrinking cost advantage should prompt companies to rethink...
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Wednesday, 02 Nov 2011 08:07 AM
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