NEW YORK — According to a new report from consulting firm Deloitte, America can reverse the decline in the manufacturing industry, but only if it encourages innovation, trains workers and addresses tax reform and regulations, while also investing in infrastructure and energy.
The report, “Manufacturing Opportunity,” explains that while low-cost basic manufacturing is unlikely to ever recover its former importance in the economy, it does not mean further decline is inevitable. Deloitte recommends refocusing on long-term opportunities in increasingly complex and emerging technologies — and in America’s ability to lead in the innovation and research and development of such breakthroughs.
“Most Americans believe manufacturing is central to improving the ailing economy and say not enough is being done to support it,” said Craig Giffi, vice chairman and U.S consumer and industrial products leader, Deloitte LLP and the report’s author. “During this election season, candidates have an opportunity to not only recognize the importance of manufacturing but also address ways to support it by fostering innovation, developing talent and making investments in infrastructure.”