I keep having doubts about the reality of reshoring (from China), but that trend line below is…
I keep having doubts about the reality of reshoring (from China), but that trend line below is steep & positive & very linear.
“The construction of new manufacturing facilities in the US has soared 116% over the past year, dwarfing the 10% gain on all building projects combined. In January, a UBS survey of C-suite executives revealed the magnitude of this shift. More than 90% of those surveyed said they either were in the process of moving production out of China or had plans to do so. And about 80% said they were considering bringing some of it back to the US. (Mexico has also become a popular choice.)
The fastest-growing occupational group in the U.S. is technical occupations (people that maintain the automation). Simply said, automation creates more jobs than it eliminates. In fact, the World Economic Forum predicted this a few years ago, stating that by 2022, automation will result in the creation of 133 million new jobs despite the elimination of 75 million (low skilled manual labor). In fact, despite the disruption caused by technology in some industries, overall employment will expand.
From Sime: Let’s stop saying America does not making anything anymore (not even close to true). America makes more stuff than ever. U.S. Manufactures approx. 20% of World’s Output (we are only 4% of global population); China makes 28% (they passed the U.S. in 2012ish). So, 2 countries make almost ½ the world’s stuff.
“Tier-1 is the global technological innovation center, currently dominated by AMERICA…In the 2020 China Mfg Power Development Index Report, the US ranked first, w/ an index value of 168.71. Germany and Japan emerged in the second tier w/ indices of 125.65 & 117.16, respectively.” From Sime: the only problem w/ being great at Tier 1 is that it does not create tons of great paying jobs for lower skilled manual laborers. https://lnkd.in/gvvA2eWC
Side note: Recessions tend to be very bad for college grads. However…
The number of job openings fell for the 3rd straight month to 10.698M in June which is the lowest since 10.629M in August 2021 (off the record high of 11.855 million in March). That means there are only (sarcasm) around 11,000,000 unfilled jobs. That’s a recession?! College grads, worry not (for now, not even close).
If you look at this 2020–2030 job growth chart closely, all things supply chain related scored VERY well (i.e., operations & logistics).
Basically, we are going to see 20–30% growth in SCM jobs over the next decade. Also, the jobs in SCM pay VERY well. Lastly, the data science jobs scored off the charts in growth & pay. So, SCM + data science = jobs & $. Finally, automation is killing all things manual.
For SCM students, just do not be a victim of technology! https://lnkd.in/gwrjksAa. There are ONLY 500K unfilled SCM Data Science jobs on LI.