The United States is the world's number one manufacturer. We manufacture more goods than anybody else in the world contrary to popular belief that "nothing is made in America" anymore. In additional to being the world's largest manufacturer, we are also one of the world's top exporters of manufactured goods. Although, our manufacturing base is surely declining and China could possibly overtake our historic lead as the world's number one manufacturer.
Manufacturing is essential to our nation's economic and national security.
Engine of Economic Growth
From 2001 to 2006, Manufacturing contribution to GDP growth only trailed Professional & Business Services. For every $1.00 spent in manufacturing there is an additional $1.37 in economic activity (multiplier effect), greater than any other sector.
Generates Productivity Increases
Over the past two decades, manufacturing productivity gains have been more than double that of other economic sectors. These gains enable Americans to do more with less, increase our ability to compete and facilitate higher wages for employees.
Better Pay and Additional Jobs
Manufacturing compensation averages more than $65,000, the highest in the private sector, and manufacturers are leaders in employee training.
While there are about 15 millions Americans working in Manufacturing, there are an additional 8 million workers in other sectors whose jobs depend on the manufacturing industry. When compared to other sectors, the 'multiplier effect' is strongest in manufacturing.
The manufacturing industry is responsible for many of the greatest innovations or our time such as the transistor, cell phone, automobile, or plow - all delivered increased productivity and a better standard of living.
Manufacturers are responsible for more than 70 percent of all business R&D, which subsequently benefits other manufacturing and non-manufacturing activities.
Innovation comes in many forms and often as an innovative process. It is much easier for a competitor to copy a design than it is to copy an innovative manufacturing process. If Henry Ford did not develop the process of mass production, Americans would not of been able to afford his innovative product. We must continue to invest in manufacturing research and education to ensure further manufacturing process innovation.
Long-term sustainable economic growth is based on increases in the labor force and productivity. Federal Reserve Chairman Ben Bernanke has said that productivity growth is "perhaps the single most important determinant of average living standards." Since manufacturing is the country's Productivity powerhouse, a strong vibrant manufacturing sector is a critical component in our country's long-term economic future.
Thus, The Innovation Machine's fifth mission is:
5) To support the Manufacturing Industry with the latest Technology and educational training.