|
“Everything you are comes from your choices.” – Jeff Bezos Businesses and communities across the United States are assessing the impact of new trade relationships, tariffs, and the possibility of a federal tax bill. This trio of issues is complex and has many motivations. One of those motivations is to secure more manufacturing investment and jobs. While some believe the actions and policies being implemented are on the right track, others hold differing views. Most of the attention is on the actions of the United States because of the size and strength of our economy. It is important to note that there are also actions being taken by countries around the world to reinvent globalization and protect their national interests. Beyond the news coverage and punditry are those in the economic development profession who are hard at work to implement these policies in the pursuit of prosperity and security for their respective locations. They do their very best with the resources they are provided and the constraints of their economies. They don’t make policies or determine the natural resources they must work with, but they are accountable for producing positive results. Amidst all of this change is a call to action for those who build and rebuild economies on the ground level. This includes site selection advisors, economic development & industrial recruitment professionals, and foreign direct investment specialists who advise manufacturers about location. It also includes those who work to make manufacturers more competitive, such as the manufacturing extension partnerships (MEP) across America, those who develop and train our industrial workforce, and those who advocate for policies that benefit the manufacturing industry. The actors in this arena must elevate their work to create opportunities as the global economy is being reconfigured. Those who support the manufacturing sector must play their part. Our national and local utilities network must be enhanced to generate and deliver the electricity, natural gas, water, and wastewater to operate more facilities and the technology that runs their machinery and systems. 21st-century business parks must be built, policies that make them more competitive must be addressed, and young people must be convinced that there are long-term careers and wealth-building opportunities in the manufacturing sector. Venture capital can help by making industrial tech a priority so that we continue to capitalize on innovation within this arena. Regulators must clear the path so businesses can operate with relative certainty and communities are protected. Manufacturing is a global industry—not just because globalization stretches supply chains around the world, but because of special competencies and capabilities found in nations and local areas around the world. The special skills that have sometimes been passed down through generations and the industrial technology hubs and universities that have helped to foster them must be leveraged and aligned, not abandoned. As America seeks to re-industrialize, so will other areas of the world, and they will need American companies and technology just as we will need theirs. As we do all the above, we can maintain relationships and build new ones. Let’s have a great week, lift each other up, and move forward together. Kenny McDonald |
