Spring 2006. Industry Study. Manufacturing Industry
Abstract
Manufacturing is a crucial element to the United States (U.S.) economy. Every industry and individual American depends on manufactured products. A healthy manufacturing industry is essential to providing better jobs, fostering innovation, raising productivity, and achieving higher standards of living. America has long been identified as a world leader in manufacturing. In fact, the U.S. is the world's leading producer of manufactured products. Taken alone, America's manufacturing sector is large enough to represent the fifth-largest economy in the world. Additionally, the U.S. leads the world in innovation, accounting for more than ninety percent of all annual U.S. patents as reported by the Department of Commerce. Through innovation and the application of new technology, U.S. manufacturers have raised productivity higher than ever before. However, the U.S. manufacturing industry is being increasingly challenged by foreign competition, high employee costs, a shortage of skilled workers, and increasing energy costs. The Manufacturing Industry Study Seminar visited several domestic and international manufacturing organizations to determine how the manufacturing industry is coping with these challenges. Our visits ranged from small privately owned businesses to large international corporations with manufactured products ranging from batteries, circuit cards, automobiles and ships to body armor. This paper defines the manufacturing industry; discusses manufacturing's impact on economic growth; examines three broad forces influencing the manufacturing industry - globalization, competitiveness, innovation and productivity; and describes current conditions and challenges these factors create within the industry. With respect to these factors, this paper includes our seminar's outlook and recommendations aimed at maintaining a healthy and productive American manufacturing industry.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 01, 2006
- Accession Number
- ADA475350
Entities
Organizations
- Dwight D. Eisenhower School for National Security and Resource Strategy