Skilled Labor Shortage 2012 and Beyond
By 2020 - $1.36 trillion growth in manufacturing output (US Bureau of Labor Stats). Shortage of skilled labor is already holding back the manufacturing sector. In Oct. '11 Deloitte reported 5% (600K) of jobs remained unfilled due to unskilled labor. Now is the time for manufacturers to update with robots and automation
Manufacturers Look Homeward, Boosting Domestic Production
Business leaders and economists credit the re-shoring trend to several factors: Rising labor costs in China. Increasing costs to ship products to North America. The desire to more directly control the manufacturing process and the quality of the products.
Who's coming home?
- Automakers, electronics companies and cookware manufacturers to name a few.
- 600-800K more manufacturing jobs in the coming decade.
- Total job gains could be 2.3 to 3.2 million additional jobs.
- By 2015, the cost advantage to manufacture in North America will surpass China.