A new report finds that economic prosperity increases with manufacturing. However, pro-growth policies are required to create jobs and remain globally competitive. The future of the boating industry is dependent on the acceleration and strengthening of manufacturing production in the United States.
The report, “Manufacturing Resurgence—A Must for U.S. Prosperity,” was released on Jan. 21 by the National Association of Manufacturers and the Council of Manufacturing Associations, and was written by economists Joel Popkin and Kathryn Kobe.
“Boating is a uniquely American industry, largely made by Americans for Americans, as well as representing 50 percent of the world market for boating. To remain strong players in a competitive world, U.S. manufacturers need government policies that encourage continued innovation and productivity gains,” says Thom Dammrich, president of the National Marine Manufacturers Assocation. “In particular, we need policies that encourage public and private investments to enhance productivity, such as those in R&D, capital goods, worker training and early education that nurtures math and science proficiency.”
Report findings indicate that U.S. manufacturing generates more economic activity per dollar of production than any other business sector in the country. Manufacturing industries perform nearly two-thirds of the private sector research and development that contributes to the United States’ edge in innovation. Manufacturers in the United States lead the world in productivity, which is a driver of low inflation, higher wages and living standards.