The domestic manufacturing sector is growing, but it isn't just because of the improving economy. Nor is it solely the result of falling energy prices or more competitive wages. These are contributing factors, but one of the reasons why manufacturing is on the rise is because of increased innovation.
As pointed out by a recent Brooking article, the Obama Administration's effort to create manufacturing hubs has begun to pay off. By supporting job training efforts and other activities that aid local manufacturers, these hubs have begun to lay the groundwork for manufacturers to experiment with new ways of doing business.
"A new wave of 'makers' have built new sectors and companies, like 3-D printing and digital manufacturing," the news source reads. "This has in effect democratized manufacturing. The positive feedback loop between manufacturing and innovation supports a larger entrepreneurial ecosystem."
One example is that of a manufacturing hub in Youngstown, Ohio, which offers members access to its network of additive manufacturing technical knowledge. This allows members to launch their own projects and create jobs.
As a result, the manufacturing sector has been growing faster than the economy as a whole—which has not happened in decades. In the month of July alone, 16,000 manufacturing jobs were added to the economy. Since 2010, that number has reached 668,000.
This growth shows that the manufacturing sector can continue gaining strength in the U.S., as long as companies continue to receive the support they need from other industry stakeholders, including CNC machine services. By providing custom components to businesses as needed, these services allow smaller facilities to operate cost-effectively. Their growth will help support the manufacturing sector in the long term.