With the planned construction of new semiconductor, electric vehicle (EV) and battery sites, the manufacturing employment sector is expected to maintain robust job growth levels. PHOTO courtesy UL Solutions.
JLL Research is forecasting strong job growth for U.S. manufacturing through the rest of the decade, listing three main factors that will continue to fuel this growth.
The three factors are:
- The industrial inventory landscape has swelled 38.1% over the past decade. Naturally, employment figures related to the industrial sector also saw dramatic growth in the same timeframe. Manufacturing employment figures have shown a healthy increase of 17.8%.
- The recent trend of manufacturers nearshoring their operations has significantly boosted manufacturing related employment figures in recent quarters. With the planned construction of new semiconductor, electric vehicle (EV) and battery sites, the manufacturing employment sector is expected to maintain robust job growth levels.
- Additionally, the U.S. economy is set to undergo a significant transformation with the introduction of the 2022 Inflation Reduction Act (IRA). This groundbreaking legislation will not only boost the number of high-paying manufacturing jobs nationwide but also foster a substantial shift in economic dynamics. With a strong backing of both federal funding and private sector investments, the IRA has particularly influenced states in the Midwest and Southeast, now commonly referred to as the “Battery Belt.” These regions have witnessed a remarkable influx of capital and subsequent job creation as a result.