March 21, 2014
According to the latest economic forecast from the Manufacturer...
This week, Forbes contributor and SCM World Chief Content Officer Kevin O’Marah discussed the role of secure supply chains in the U.S. manufacturing renaissance. O’Marah highlighted corporate sourcing strategies and how they build reliable and efficient supply chains for their operations.
“The U.S. manufacturing renaissance has been aided by the supply of affordable domestic energy. Access to abundant energy resources boosted U.S. manufacturing’s global competitiveness, making it economically attractive to reshore operations. Another essential element for industries that gets far less attention is the minerals and metals used in many manufactured goods. Just as we need secure and affordable power to keep U.S. manufacturers competitive, we also need a reliable and secure supply chain for minerals and metals.”
As manufacturers continue to reshore their operations to the United States, there is heightened concern about access to domestically-sourced minerals and metals that are essential to production. In fact, a study commissioned by NMA shows that a large majority of U.S. manufacturing executives are concerned about the issue of minerals and metals supply, and 80 percent of those executives stressed the importance of sourcing minerals and metals domestically. Not only will strengthening domestic supply chains decrease our dependence on foreign sources for the same materials, but it will also boost our economy and encourage job growth across the country.
As O’Marah notes, the manufacturing renaissance “is adding two new jobs for every one it eliminates” and the U.S. minerals mining industry is leading the way. By supporting more than 1.2 million jobs, the industry is putting hundreds of thousands of people with diverse backgrounds and interests to work. In fact, it is estimated that every metal mining job generates 2.5 additional jobs elsewhere in the economy, and every nonmetal mining job generates 1.8 additional jobs.
By creating jobs and providing essential materials, mining is emerging as an important partner in stimulating economic recovery and an integral component of the U.S. manufacturing renaissance. As Quinn notes, “American manufacturers’ concerns confirm the need for policies that promote better access to domestic minerals and metals.” Take action to strengthen U.S. supply chains and promote a domestic manufacturing renaissance here.
Read more from O’Marah’s Forbes piece here.