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Deloitte: Innovation and New Capital Can Revitalize U.S. Manufacturing
August 2, 2012
The United States manufacturing sector has been struggling to regain momentum for the past decade. According to the last two monthly reports from the Institute for Supply Management, the manufacturing sector contracted during the past two months. This is a growing concern for the nation, as the manufacturing sector has contracted substantially over the past decade.
Deloitte said that United States manufacturers can regain their position as global economic leaders. However, the nation as a whole will need to take a new approach. Additional
The Deloitte report identified a number of challenges that are preventing the U.S. manufacturing industry from regaining its position as one of the biggest leaders in the world. Those challenges include:
- Workers with outdated skill sets.
- Burdensome taxes and regulations.
- Obsolete technology and a lack of infrastructure.
- Industrial and cultural environment that discourages innovation.
Deloitte said that correcting these issues can help the manufacturing industry re-position itself in the international marketplace. The report did conclude that increased global competition would likely make it impossible for the industry to be as strong as it was during the decades of industrial expansion. However, new investments and a new attitude towards innovation could be enough to increase production and bring manufacturing jobs back to the United States.