With the goal of bringing about jobs and long-term manufacturing growth in Raleigh, N.C., President Obama visited North Carolina State University recently to announce a new manufacturing institute. Earlier this year, the government, which is spending $200 million in manufacturing financing for the project, says the funds will be used to develop technologically advanced and energy efficient electronic chips. Such products will then be used to make motors, consumer electronics and other devices smaller faster and more efficient. The new institute is being led by a consortium of 18 businesses and six universities.
Manufacturing Factoring Supports Industry Growth at Home
Since coming out of the recession, U.S. manufacturing has seen solid growth, with some such as PricewaterhouseCoopers saying American manufacturing is experiencing a “resurgence.” This move in Raleigh gives legs to the President’s commitment to help create U.S. jobs that pay a livable wage. And across the country, other signs illustrate that “Made in the U.S.A.” may be making a comeback.
The costs of financing manufacturing in the U.S. have gone down in recent years as wages have become stagnant. With more resources and materials available here in the U.S., the total cost of factory and machine shop financing is less than it used to be. Moreover, with unemployment remaining high in a number of cities, including places that used to be manufacturing hubs, there is a large population of eager workers willing to rededicate themselves to top quality production work. With good jobs being hard to find, people are more committed than ever to performing their jobs to a high level. Call it the law of scarcity.
Consider Manufacturing Financing for U.S.-based Factories
Those responsible for analyzing the costs associated with manufacturing financing may want to consider building that factory right here in the U.S. When you study the expenses of manufacturing, factoring in all aspects such as wages, shipping times, talent, fuel costs, resources and materials, producing your final products in the U.S. might not cost you as much as you think. With both government and private sector incentives to produce goods at home – Walmart recently committed to purchase more than $50 billion in Made in the U.S.A. products –machine shop financing may be more affordable than you originally thought.