A recent report by Deloitte and the Manufacturing Institute (MI) indicates that the U.S. manufacturing industry may require up to 3.8 million additional workers between 2024 and 2033, owing to retirement, career changes, and the emergence of new roles within the sector. The study forecasts that as many as half of these positions, approximately 1.9 million jobs, might remain unfilled due to gaps in skills and the number of applicants, potentially affecting the sector’s growth and global competitiveness. Manufacturing Institute President Carolyn Lee, in a discussion with FOX Business, highlighted the increased focus on domestic manufacturing, driven by factors such as lessons from the COVID-19 pandemic, tax reforms, and legislative acts like the Infrastructure and Jobs Act, the Inflation Reduction Act, and the CHIPS Act, which have collectively spurred investment in U.S. manufacturing.
Despite these investments, the manufacturing sector faces significant recruitment challenges, with over half a million job vacancies. Data from the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) for February indicated 583,000 open manufacturing positions. Lee remarked on the persistent issue of high job openings, noting that while the number has decreased from the peak during the pandemic, the demand for workers still exceeds the supply. The report emphasizes the need for highly skilled workers, including statisticians, data scientists, engineers, and logistics specialists, projecting growth in these roles over the next decade.
Lee pointed out the varied training requirements for these jobs, ranging from six weeks to eight years. Addressing the workforce shortage has been a primary concern for the manufacturing sector, as highlighted by the National Association of Manufacturers’ quarterly outlook surveys. This shortage has restricted companies from expanding their operations or introducing new product lines. To combat these challenges, initiatives like Heroes Make America are being implemented to transition service members into manufacturing roles, focusing on training and upskilling to reduce turnover rates. Additionally, the report found that flexible work arrangements are crucial for attracting and retaining workers in the manufacturing sector. While remote work is not feasible for many manufacturing roles, flexible scheduling and part-time opportunities are being explored to enhance workforce engagement and meet the industry’s evolving needs.
Stay updated with supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.
#ManufacturingNews #GlobalCompetitivenessNews #DomesticManufacturing #SkilledWorkers #IndustryNews
