Manufacturing fuels economic growth, says report

Author:
Updated:
Original:

A new report finds that manufacturing fuels economic prosperity, but requires pro-growth policies to create jobs and remain globally competitive, the National Marine Manufacturers Association reports.

The Manufacturing Resurgence - A Must for U.S. Prosperity report was released this week by the National Association of Manufacturers and the Council of Manufacturing Associations. The NMMA is a member of NAM's Council of Manufacturing Associations and one of the sponsors of the study.

"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, said NMMA president Thom Dammrich, in a statement.

"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," he added.

Report findings indicate that U.S. manufacturing generates more economic activity per dollar of production than any other business sector in the country. What's more, manufacturing industries perform nearly two-thirds of the private sector research and development that contributes to America's leading edge in innovation and breakthrough technologies.

The report also offers specific recommendations to create jobs and enhance U.S. manufacturing innovation, productivity and competitiveness.

Related

Vision Marine, Hellkats to Attempt E-Boat Speed Record

A Hellkats 32-foot Widebody equipped with Vision Marine’s E-Motion powertrain will try to be the fastest electric boat in its category.

Grand Banks Operations Remain Halted

The announcement follows the Malay government order extending movement restrictions to curb the spread of Covid-19.

OneWater Marine to Acquire N.J.'s Stone Harbor Marina

The acquisition further expands OneWater’s reach in the Northeast.

Rounding the Last Bend?

As all segments of the economy race to surpass prepandemic levels, a bit of wheelspin is expected to occur, but not for long.

MMTA Kicks Off Boater Initiative

Encouraging waterborne travel to the Bay State. Plus: businesses can legally require its staff to receive a Covid-19 vaccine.

Fairline Yachts Acquired

For the third time in five years, the esteemed U.K. builder has changed hands.

Free Fishing Fun with Cabela’s and Bass Pro Shops

To launch their Gone Fishing promotion, the outdoors companies are donating 40,000 rods and reels to youth-fishing partners and holding free in-store fishing events June 19-20.