Can American Manufacturing be Cornerstone of Economic Revival?

America's manufacturing sector – particularly what is termed advanced manufacturing (more dependent on PhDs than on manual labor) is starting to come alive.
Courtesy of Christian Science Monitor

For decades, the U.S. manufacturing sector has shriveled, but President Obama now envisions it as an engine of a revived U.S. economy. The basis of his optimism may be hopes for advanced manufacturing.

President Obama has made support of US manufacturing an important part of his plan to further an economic rebound. He promoted the sector in his State of the Union message in late January.

True, some commentators continue to question whether American manufacturing can compete in the global economy, especially when so many US jobs have moved offshore. But some policymakers see progress.

“We are the most competitive in manufacturing that we have been for the past two or three decades,” said Gene Sperling, director of the National Economic Council, in a session with reporters last month.

A rebound in manufacturing has important ramifications for the U.S. economy. Sixty percent of exports relates to manufacturing, 90 percent of patents, and 70 percent of private-sector research and development.

– Courtesy of Christian Science Monitor