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Ohio faces a hiring hurdle as new semiconductor and EV plants spark a manufacturing boom, intensifying the hunt for skilled workers.
Recent years have shown a significant overhaul and potential rebound of U.S. manufacturing, bringing substantial economic impact. Manufacturing in the U.S., accounting for $2.3 trillion in GDP, has reached an inflection point, showing signs of recovery from earlier declines and stabilizing its share of global manufacturing GDP, output, and exports, McKinsey reports.
The report also touches on the societal impact of this resurgence. Manufacturing is a primary employer in around 500 U.S. counties, providing inclusive employment opportunities, often without the need for four-year degrees. Reviving manufacturing could add up to 1.5 million jobs, especially among middle-skill workers, recalibrating the labor market and strengthening the middle class.
Columbus, Ohio is witnessing a surge in factory construction, thanks to federal boosts in the semiconductor and EV sectors. However, filling these new roles isn't a smooth ride, with competition already fierce in a region with low unemployment and a thriving logistics sector.
Local smaller factories are gearing up for a battle for workers as industry giants like Intel enter the scene, bringing a wave of new jobs that could strain the already tight labor market. Plus, Honda and LG Energy Solution are constructing a $3.5 billion electric-vehicle battery plant.
As Intel forges partnerships with community colleges to cultivate a skilled workforce, wage dynamics play a crucial role, with higher wages being a potential fix to attract talent.
The market’s response to this massive hiring push will shape Ohio's manufacturing landscape, and set trends nationwide as the reshoring of American factories grows.
Source: The Wall Street Journal
With incentives like the CHIPS and Science Act and the Inflation Reduction Act, the U.S. Government is convincing manufacturers to reshore—but what do the experts say? Find out here: https://t.co/7u9QtSJCdc#Manufacturing #Reshoring #Semiconductors #Economy
— NJMEP (@NJMEP) December 7, 2023
August PMI shows manufacturing still contracting. Production plummets to lowest level since May 2020 as demand weakens and inventories rise. But there may be relief moving into the holiday season.
The U.S. manufacturing sector faces contraction with a PMI of 48.7 in May 2024, while manufacturing construction hits a record high. What's up with these mixed signals?
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