Manufacturing was leading contributor to U.S. economic upswing in 2010
According to preliminary statistics from the Bureau of Economic Analysis, durable-goods manufacturing and retail were major contributors to the U.S. economic growth in 2010. As reported by Industry Week:
Manufacturing value added—a measure of an industry’s contribution to GDP—rose 5.8% in 2010, a sharp return to growth after declining two consecutive years. Durable-goods manufacturing turned up, increasing 9.9% after declining 12.7% in 2009.
This is great news, but we haven’t reached a manufacturing renaissance yet. We still have a long way to go to revitalize U.S. manufacturing, and the surest path forward is to adopt a comprehensive National Manufacturing Strategy that will allow us to invest more in domestic manufacturing and reform our trade policies. This will create more exports, more jobs, more innovation, and more growth.
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