Posted on July 17, 2013 by Minerals Make Life
American manufacturing is making a comeback. According to a recent article from The Huffington Post, 48 percent of the biggest U.S. manufacturers with sales above $10 billion are planning to reshore portions of their business on American soil. This resurgence of pride in American-made goods has hit the mainstream as well. Chrysler’s “Imported From Detroit” and Apple’s “Designed by Apple in California” campaigns show that Americans are starting to look for the “Made in the U.S.A.” label again.
According to a recent nationally representative survey by the Consumer Reports National Research Center, 78 percent of Americans that were given a choice between an identical product made in the United States and one made abroad would rather buy the American-made product. In fact, more than 60 percent of all American respondents indicated they'd even be willing to pay extra to “buy American.”
Amidst this growing demand, many industries will benefit, but what about mining? Supplying these American manufacturers with the resources they need to create the next smartphone or car is critical to meet growing demand. The fact of the matter is that the United States is known for its lack of a forward-looking minerals policy. We remain one of the largest consumers of minerals, but our share of investment in mining is at an all-time low. In fact, it has dramatically declined over the last 20 years—falling from 21 percent in 1993 to approximately 8 percent today.
Rather than invest in the $6.2 trillion worth of American mineral resources right below our feet, the United States imports $6.9 billion worth of foreign mineral resources and is 100 percent dependent on 18 different minerals. Investors largely avoid U.S. minerals mining because of our outdated, redundant mining permitting process that can take up to 10 years to secure permits from the government.
It is imperative, now more than ever, that we support legislation that would reduce permitting delays while maintaining strict environmental safeguards to attract investors. Doing so will bring much-needed jobs and economic growth while also ensuring that the “Made in the U.S.A.” label is around for years to come.
Learn more on how Minerals Make Manufacturing.