People & Skills  

50 ways to increase US manufacturing competitiveness

A new report has been released suggesting a range of recommendations that, combined together, form a comprehensive strategy to raise American competitiveness in an increasingly tough global market
 The suggestions aim to re-invigorate US manufacturing
 
 

The Information Technology and Innovation Foundation (ITIF) has released a report documenting “Fifty Ways to Leave Your Competitiveness Woes Behind: A National Traded Sector Competitiveness Strategy.”

Authors of the report, Stephen Ezell and Robert Atkinson have put together a list of recommendations in a bid to help re-invigorate US manufacturing based around the “4T’s” – technology, trade, tax and talent.

The latest edition of Manufacturing Digital is available now

Though all 50 are believed to be important, the top 10 most critical suggestions are:

1. Create a network of 25 “Engineering and Manufacturing Institutes” performing applied R&D across a range of advanced technologies

2. Support the designation of at least 20 US “Manufacturing Universities”

3. Increase funding for the Manufacturing Extension Partnership (MEP)

4. Increase R&D tax credit generosity and make the R&D tax credit permanent

5. Institute an investment tax credit on purchases of new capital equipment and software

6. Develop a national trade strategy and increase funding for US trade policymaking and enforcement agencies

7.  Fully fund a nationwide manufacturing skills standards initiative

8. Expand high-skill immigration, particularly which focuses on the traded sector

9. Transform Fannie Mae into an industrial bank

10. Require the Office of Information and Regulatory Affairs (OIRA) to incorporate a “competitiveness screen” in its review of federal regulations  

Ezell and Atkinson state:

“Implementing the policies recommended in this report will make the United States a more attractive investment environment for traded sector enterprises and their establishments. The technology policies will spur innovation in advanced manufacturing, upgraded the technology capacity of manufacturing and other traded sector firms, helps restore America’s industrial commons, and support the productivity, innovation, and competiveness of traded sector SMEs.

“The tax policies will stimulate a favourable climate for private sector investment by making the overall US corporate tax code more competitive with that of other nations and also by leveraging tax policy to incent private sector R&D and investment.”

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