Manufacturing’s Importance to Economy
A recent survey conducted by ARC (American Revitalization Company), a leading real estate and business development firm, has revealed that over 80% of Americans consider manufacturing essential to the U.S. economy. This strong sentiment underscores the national desire to see manufacturing operations relocated to or retained on American soil. Manufacturing’s Importance to Economy.
The survey results of 1,000 U.S. adults demonstrate a clear consensus among Americans regarding the importance of manufacturing. Notably, 83.4% of respondents believe that the U.S. should bring back most or all of its manufacturing facilities to America. Additionally, 54% expressed concerns about the negative implications of outsourcing manufacturing operations.
National Association of Manufacturers
Data from the National Association of Manufacturers further bolsters these findings, revealing the sector’s substantial economic contribution. In Q4 2023, manufacturing injected a staggering $2.89 trillion annually into the U.S. economy, with every dollar spent in manufacturing generating a total economic impact of $2.69. As of May 2024, the sector provided employment to nearly 13 million workers.
Interestingly, the survey also pointed out generational differences in attitudes toward manufacturing and trade jobs. Unlike the Baby Boomers and Generation X cohorts, younger demographics are showing increased interest in these fields. Among Gen Z respondents, 83% are open to or likely to consider trade jobs, while 78% of Millennials shared the same viewpoint. Specifically, 46% of respondents indicated a preference for manufacturing over other trade jobs.
“Americans understand the vital role that manufacturing plays in the U.S. economy,” said Steve Austin, partner at ARC. “Americans recognize that manufacturing was critical to building our nation’s economy during the Industrial Revolution, its continuing importance to our current economic health, and they want to restore its presence meaningfully. At ARC, we are committed to ensuring this happens.”
Reflecting its commitment to American manufacturing, ARC has recently acquired Uniforce, a prominent company based in Conway, Arkansas, known for producing custom thermoformed plastics for the recreational vehicle sector. Greg White, ARC president of manufacturing operations, remarked, “This acquisition aligns with our mission to preserve American manufacturing heritage by investing in legacy facilities.”
Survey Methodology
Propeller Insights conducted a national online survey of 1,000 U.S. adults from May 3 to May 10 to gauge their thoughts on the importance of manufacturing to the U.S. economy.
About ARC
ARC, LLC is a real estate and business development company that focuses on preserving historic properties and manufacturing operations. We target investments that will generate current income and capital appreciation to our investors while using moderate levels of debt. ARC’s mission is to preserve historically important real estate and manufacturing in local communities nationwide and create value for our investors and the communities we invest in. https://www.arclp.fund/
Source: Manufacturing’s Importance to Economy
https://www.techedmagazine.com/category/news-by-industry/manufacturing-education/
https://www.businesswire.com/news/home/20240627819584/en/ARC-Research-Highlights-Manufacturing%E2%80%99s-Critical-Importance-to-the-U.S.-Economy
ARC Research Highlights Manufacturing’s Critical Importance to the U.S. Economy
Over 80% of Americans acknowledge manufacturing belongs back on home soil