#314. Is America Still #1?Posted on
From Manufacture This – The Blog of the Alliance for American Manufacturing
Is America Still #1?
· In 2011, the U.S. is poised to lose its 110-year run as the world’s leader in factory production to China.
· China’s economy surged ahead of Japan in 2010 to become the world’s second largest. While the U.S. remains the largest by gross domestic product, analysts predict that the U.S. risks losing that position by 2025 – if not sooner.
· China has moved into the #2 position in the publication of biomedical research articles.
· The U.S. has lost its position as the world’s leading high-technology exporter.
· A recent survey found that 77% of global firms say they plan to build their new research and development facility in China or India.
· The United States now ranks 27th among developed nations in the proportion of college students receiving undergraduate degrees in science and engineering.
· Roughly half of America’s outstanding public debt is now foreign-owned-with China the largest holder.
· China is poised to lead the world in patent application filings in 2011, surpassing both the U.S. and Japan.
· In 2010, China passed the United States as the world leader in auto sales.
U.S. manufacturing today.
· 5.5 million – the number of manufacturing jobs lost in the last decade – roughly one-third of the manufacturing workforce.
· 51,000 – the number of manufacturing plants shuttered in the last decade.
· 2.4 million – the number of American jobs lost or displaced between 2001-2008 due to our massive and growing trade deficit with China.
· 40 – the percent that China’s currency is undervalued.
· 83 – the percent of our trade deficit in non-oil goods in 2009 attributable to China.
Manufacturing is the backbone of the American economy and expanding and deepening our nation’s economic recovery cannot happen without reinvigorating our industrial base.
· In 2008, manufacturing produced $1.4 trillion in national income, making it one of the largest sectors in the American economy.
· Nearly 90 percent of all patents filed come from the manufacturing sector.
· American manufacturers are the leading buyers of new technology in the United States.
· American manufacturing directly employs roughly 11.7 million Americans and directly supports millions of additional jobs in other sectors.
· American manufacturing has a higher multiplier effect (4 to 5 indirect jobs) and pays better wages (20 percent high on average) than other sectors of the economy.
· In 2010, manufacturing was viewed by American voters as the most important sector to the overall strength of the American economy and for our national security.
· In 2010, 83 percent of American voters expressed support for tariffs on Chinese imports if they continue to cheat through their trade policies.
We are hopeful that American manufacturing will continue to rebound from the Great Recession. Stay tuned as we will keep a watchful eye on vital sector of the U.S. economy.