Boston Consulting: 5 Million Jobs In Manufacturing Sector Coming Back
Submitted by William
A study by Boston Consulting shows 5 million jobs in manufacturing jobs supporting that sector coming back in the next decade.
Key findings from the report include:
- In less than three years, the U.S. will have a cost advantage of 5% to 25% over Germany, Italy, France, the U.K., and Japan in a number of industries, including machinery, chemicals, transportation equipment as well as electrical and appliance equipment.
- America’s natural gas boom from shale (commonly referred to as “fracking”) has provided this country with some of the cheapest natural gas prices around the world. For the forceable future, natural gas prices will remain 50% to 70% cheaper in the U.S. versus Europe and Japan.
- Labor costs in other developed economies will be 20% to 45% more expensive compared to the costs of hiring U.S. workers.
- The U.S. could grab additional exports from the aforementioned nations to the tune of $130 billion annually.
- Average manufacturing costs in China will only be 7% lower compared to in the U.S in 2015.