4 Things America Must Have to Be Successful
In its recently released Global Manufacturing Competitiveness Index report Deloitte spotlights the key role manufacturing occupies in a highly competitive global economy. It underscores our need to retire the erroneous notion that America can prosper by conceiving new products, services, and solutions while the rest of the world manufactures the goods. The fact is that consumer demand attracts manufacturing and where manufacturing takes place innovation eventually follows.
This is a challenging equation in a highly competitive global economy featuring an inexorable shift in consumer demand beyond America’s shores. The challenge, however, is one defined by unprecedented promise—the opportunity to service and supply a world of growing demand for American goods. Seizing this opportunity requires that we act far more strategically and effectively in overcoming the disadvantages of distance by ensuring that the U.S. is the best place in the world to manufacture—in particular advanced, high-value products.
This means that we must offer 4 key things:
- The world’s most capable workforce
- A rational and simple way to navigate regulatory and permitting systems
- Ample and affordable energy
- An excellent infrastructure that connects us to global markets made accessible by a broad portfolio of market access arrangements
Is this an impossible task? Not at all. Innovation will remain the catalyst of America’s prosperity in the years ahead. But to innovate we must manufacture.
Deloitte has added to the public record of our national standing in this vital component of U.S. economic vitality. In the weeks ahead, the Forum will be reporting further on the dynamics and means of spurring innovation and reinvigorating our manufacturing sector to drive job creation and economic renewal.