#136 – Inside Our Industry – Communities Seek to Build Their Talent Pipelines as FDI Surges
Posted on | Inside Our Industry
Once again, AreaDevelopment.com has a great lead in their Site & Facility Planning Insider e-newsletter. It bodes well for the U.S. manufacturing industry.
Communities Seek to Build Their Talent Pipelines as FDI Surges
In the last several years, many economic shocks and crises have occurred around the world, including Brexit, the Covid-19 pandemic, and the Russia/Ukraine war. As a result, the U.S. economy has experienced supply chain challenges and labor shortages. Nevertheless, the United States continues to receive record foreign direct investment. In fact, according to the IMF, The United States recorded the largest increase of inward foreign direct investment of all economies in 2021.
Helping to further spur FDI into the U.S. are the three major bills that Congress passed since 2021 that target sustainable development and American-manufactured products. They include tax credits and incentives for U.S. manufacturing and assembly as well. Companies are also choosing to invest in the U.S. for its stable government, highly skilled workforce, and large consumer base. And the influx of FDI for communities means more job opportunities, especially in fast-growing sectors like advanced technology, renewable energy, and chemical manufacturing. The need to train such workers presents, in turn, opportunities in higher education, training and certification programs, and other service industries.
Access to talent is the number-one concern of companies today, making it a top concern for economic development organizations (EDOs) as well. Consequently, today’s EDOs are particularly active in creating a talent pipeline, as well as facilitating training programs. They work closely with local educational systems on behalf of both domestic and foreign companies seeking to invest in their communities.