Ed Glesser, vice president of trade and global markets at the Progressive Policy Institute, a left-leaning think tank, said the United States has seen a notable increase in new manufacturing facilities since 2019, especially in the pharmaceutical sector. Response to pandemic. Restaurants continue to grow.
But Gresser said growth in the U.S. manufacturing sector was strong last year, as were imports of manufactured goods. This suggests that manufacturing growth probably reflects strong consumer demand in the US due to the pandemic rather than a shift to US production.
Attitudes towards doing business in China are rapidly deteriorating, but changes in production patterns have been slow.a Survey of 117 leading companies A study released in August by the U.S.-China Business Council found that while business optimism has reached a record low, U.S. companies still make overwhelming profits in China.
Eight percent of the companies surveyed reported moving part of their supply chain from China to the United States in the past year, and another 16% reported moving some operations to other countries. increase. However, 78% of companies say they have not moved their business out of China.
The Biden administration hopes that new policies, such as the Manufacturing Competitiveness Act and the Climate Change Act, which the president signed into law this summer, will encourage more companies, especially cutting-edge industries such as clean energy and advanced computing, to leave China for the United States. I hope so.
Brian Dees, director of the National Economic Council, said in an interview that the law is already changing how investment and job creation are calculated in the United States. has facilitated factory announcements from automakers, battery companies, etc. that are directly related to
“One of the most surprising things we are seeing right now is that many US and global companies are building and expanding their manufacturing bases in the US, and they are doing so.” says Deese. Based on their view, the pandemic has not only highlighted the need to make their supply chains more resilient, but the United States is creating a policy environment that makes long-term investment more attractive here in the United States.