As President Obama heads to Albany, New York today to highlight companies that are building high-tech jobs here in the United States, CNBC takes a look at the revival of American manufacturing:
For America, this could be the start of something good, according to the Boston Consulting Group.
Indeed, the BCG report predicts a “renaissance for U.S. manufacturing,” citing the fact that labor costs in the United States and China are expected to converge around 2015.
On April 20, its economists released a survey of the largest American manufacturing firms. The results: One third of all U.S. manufacturing executives of companies with sales above $1 billion per year now say they are planning or considering “reshoring”; in effect, bringing home manufacturing plants that were sent to China and other low labor cost countries during the 1990s and first decade of this century.
Stay tuned for more from the President this afternoon on bringing manufacturing back to the United States.