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Friday facts: Reviving the American manufacturing industry

“We have a huge opportunity, at this moment, to bring manufacturing back. But we have to seize it … It’s time to stop rewarding businesses that ship jobs overseas, and start rewarding companies that create jobs right here in America.”
—President Obama in his State of the Union address, January 24th, 2012

Yesterday, GM announced a record annual profit in 2011, marking another milestone for a manufacturing sector on the rebound. The economy has added 400,000 manufacturing jobs since February 2010.

Here’s more on that progress, and how new tax rules and other proposals President Obama put forward in his State of the Union would make a difference for American companies that keep jobs here in the United States:

  • 400,000: Jobs added in the manufacturing sector since February 2010

  • 207,000: Jobs added in the auto industry over the last two and a half years

  • 100%: The percent of investment in plants and equipment that businesses could expense under a tax cut extension President Obama proposed, which would spur investment in the United States

  • 18%: Tax deduction President Obama has proposed for domestic advanced manufacturing technologies—which would double the current 9 percent deduction

  • 20%: Income tax credit the President has proposed providing to companies on expenses related to moving operations back to the United States

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