Manufacturing is having a bit of a renaissance moment, and we don't hate it! 🥳🛠️ After much of the country's manufacturing power went overseas, it looks like we're bringing things back home in a big way. 🏡
According to new numbers, between 200,000 to 250,000 new manufacturing jobs could be added in the U.S. over the next two years. 🤯
Here’s Five Fast Facts about the incoming manufacturing boom:
- 💸 Chester the Investor - The estimated increase in manufacturing jobs is partly due to a boost of incentives and investments within the semiconductor and green technology sectors. Both the Inflation Reduction Act and the CHIPS and Science Act contained these incentives.
- 🤠 Wild Wild West - Analysts predict roughly a third of the total private investment pledged to green and semiconductor manufacturing will go to Arizona. Taiwan Semiconductor Manufacturing Company Limited (TSMC) and Intel are the biggest investors there.
- 🏭 Big Bucks - After the Biden administration passed the two manufacturing-friendly acts, construction of manufacturing facilities went through the roof. It's estimated that the equipment contained inside these facilities will be a bigger spend than the facilities themselves. Skilled workers' salaries will also cost a pretty penny.
- 🔢 Let's Do the Math - Analysts looked at historical data in regions where most manufacturing hiring is expected (spoiler alert: it's out west). They found that every $1 million increase in manufacturing construction spending translates to about nine new manufacturing jobs.
- 👃 That New Paycheck Smell - Over the next two years, estimated spending is expected to hit roughly $65 billion, which shakes out to an estimated 585,000 new jobs.
🔥Bottom line: This isn't the first time we've talked about a manufacturing comeback over here. It's been on the up and up for a while now. More manufacturing job openings mean more opportunities for those working in skilled labor. If you've been considering a trade career, this is your sign. Check out these highest paying trade jobs of 2023 for some inspiration!
Do you work in manufacturing?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
