MIAMI—After years of decline, manufacturing is looking good in the United States. Both automobiles and general manufacturing are making a positive impact on the industrial market.
The number of cars built on American assembly lines rose to 13.2 million in July, according to data from the US Federal Reserve Board. That's the highest since 2002.
“The American auto industry remains a cornerstone of our economy—a key source of our ability to export, innovate, and create jobs,” Tanya Somanader, speechwriter for Democratic Leader Nancy Pelosi, wrote in a blog post. “During the economic turmoil of the Great Recession, the auto sector shed hundreds of thousands of jobs, and production dropped to the lowest level recorded in data going back to the 1960s.”
At the same time, US manufacturing is growing stronger than it has in the past three years. In August, a surge in orders for metals and plastics drove an Institute of Supply Chain Management index of 59. That's the highest level since March 2011, besting July's 57.1.
“Increased manufacturing sales and factory production are a front-end indicator of the strengthening economy, showing that consumer confidence is on the rise,” Wayne Schuchts, a partner at Avison Young, tells GlobeSt.com. “We are seeing the effects of this here in South Florida, which in turn positively affects business expansions and jobs in the tri-county area.”
Schuchts offers a direct example of this. A wheelchair passenger safety solutions company is preparing to expand and build a 100,000 square foot space in Fort Lauderdale.
“Avison Young was selected to spearhead the site selection," Schuchts says. "Three to four years ago, this would not have been the case, further indicating that South Florida's current economic climate is conducive to the retention and expansion of manufacturing related companies.”
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