Is Manufacturing Coming Back to the US?
Friday, April 19, 2013
There's been a lot of buzz about the comeback of manufacturing in the U.S. and the promise of new jobs. In the last three years alone, half a million jobs have already been created.
Companies ranging from Apple to Walmart have announced plans to start making things here in the U.S., or are pledging to buy more products with the label "Made in America."
The President believes the country can create a million manufacturing jobs in the next four years.
But will it be enough to replace the millions of jobs already lost, or the factories long since shut-down and moved overseas to China, Mexico and Vietnam?
This week on Money Talking, contributors Rana Foroohar of Time magazine and Joe Nocera of the New York Times explain what the future of manufacturing will look like.
One word: technology.
Nocera recently went to the Brooklyn Navy Yard to meet the people behind Spuni, an ergonomic baby spoon company. Thanks to 3-D printing and crowdfunding, the company hopes it will soon be manufacturing several hundred thousands spoons.
"We can be sitting around table and say, 'Hey, this is an interesting idea, why is someone never done this before?' and literally three days later, we have the first prototype," said co-founder Trevor Hardy.
Looking ahead, Foroohar discusses whether the boom in shale oil in the U.S. will create jobs and Nocera looks at who is going to buy the nation's largest gun maker Freedom Group.
Correction: An earlier version of this story misspelled Trevor Hardy's last name.