United States Still Holds Manufacturing Sway

srfmAdminManufacturing

U.S. Still Holds Manufacturing Sway

United States Still Holds Manufacturing Sway

It’s been said that American manufacturing is on the decline. But, that’s not true for certain industries according to the Wall Street Journal.

The United States remains a global leader in manufacturing some of the world’s biggest products. Caterpillar inc, makes it’s large mining trucks in Illinois, despite the face that most of them are shipped overseas to Latin America, Australia, Asia, and Africa. No. 2 competitor Komatsu make their large scale mining vehicles less than one hundred miles north. Together, the two brands account for 85% of global sales of mining trucks.

The U.S. recorded a $509.7 billion deficit in trade in manufactured goods, mainly due to huge lacks in larger categories such as consumer electronics and clothing. However, in certain industries, such as aircraft, industrial engines, excavators, railway and mining equipment, the U.S. exports far more than it imports.

These industries produce smaller numbers of very expensive goods. The U.S. enjoys an advantage due to expertise from building high-tech weaponry and military equipment; the technology is then applied to other products. Capitalizing on this competitive advantage is part of the effort to create more well paid manufacturing jobs. The administration is budgeting more money for research into the manufacturing process, especially focusing on what WSJ casually refers to as “the big stuff.”

From a local Connecticut machine shop to a company with international operations, Sinclair Risk & Financial Management has the vast experience required to serve the complex industry of Manufacturing. Contact us today for more information about our Connecticut manufacturing insurance programs.