US manufacturing is rapidly expanding with the shift in demand from services to goods brought on by the Covid-19 pandemic. In fact, reports show US manufacturing growing at the fastest pace since1983. Despite a difficult year for US businesses, the surge in manufacturing points to an economy poised for recovery. A gauge of factory activity jumped to 64.7 from 60.8 month over month earlier in the year, according to Institute for Supply Management data. Index levels above 50 indicate expansion. With demand seen picking up in the summer months as more of the nation gets vaccinated against the coronavirus, producers may expect to see order books and assembly lines staying full.
The manufacturing boom/demand is such that even New York City is jumping into the mix. In NYC’s latest budget, to help hundreds of CUNY students and graduates advance toward career success–while boosting the short-and long-term outlook of NYC’s economy, the budget established:
- CUNY Career Initiative: The Department of Small Business Services will work with CUNY and a set of industry partners to deliver short-term training in high-demand fields leading to job placement for approximately 1,000 New Yorkers ($6.5M in FY22)
- Advanced Manufacturing Career Collective (AMCC): AMCC will create a pipeline of skilled, diverse talent into advanced manufacturing careers through educational and work-based learning experiences. The effort will engage and train an estimated 400 students in year one, scaling up to support over 1,000 New Yorkers annually. AMCC will also strengthen the overall ecosystem of MWBEs focused on advanced manufacturing ($4M in FY22)
New York City’s investments in manufacturing and trades training is welcome news and if done properly will set NYC up for a strong recovery. The push coincides with Federal investments in re-establishing a localized supply chain(s) as well the goal of passing a robust infrastructure plan.