US has a shortage of manufacturing workers and it threatens global competitiveness

foxbusiness.com:

Tudor Dixon explains how President Biden’s manufacturing regulations are making the process more expensive on ‘The Bottom Line.’

The U.S. manufacturing sector faces a widening jobs gap over the next decade as it looks to sustain the growth it has experienced in the wake of the COVID pandemic, but as many as half could go unfilled, according to a new study.

The report by Deloitte and the Manufacturing Institute (MI) projects that as many as 3.8 million additional employees will be needed in the manufacturing sector between 2024 and 2033 as current workers retire or change careers and new roles in the industry are created.

As the U.S. manufacturing sector's need for higher-skilled workers grows, the report predicts that as many as half, or 1.9 million jobs, could remain unfilled if manufacturers aren't able to address the skills and applicant gaps. Failing to fill those jobs could dim the prospects for companies to achieve future growth plans and hurt the U.S. manufacturing industry's global competitiveness.

«Since COVID, we have seen a real focus on onshoring, reshoring, and of course new investment,» Manufacturing Institute President and Executive Director Carolyn Lee told FOX Business in an interview. «The reasons for that are everything from supply chain lessons we learned during COVID, but also things like tax reform that really went into effect just before COVID started, and then of course the Infrastructure and Jobs Act, the Inflation Reduction Act and the CHIPS Act all really helped spur investment in manufacturing here in the U.S.»

BIDEN REGULATIONS, EXPIRED TAX INCENTIVES WEIGH ON MANUFACTURERS

A study by Deloitte and the Manufacturing Institute finds that U.S. manufacturers will need about 3.8 million new