The automotive industry is picking up speed and is soon expected to change the face of manufacturing sector in the U.S. The other sectors positively impacting the U.S manufacturing industry is the food manufacturing. According to Team Neo, a non-profit economic development organization the second sector, namely food manufacturing, is expected to show just a modest growth.
By 2024, the automotive sector is expected to employ 28,800 employees, which will be a rise of 19%. During the forecasted period, 2011 to 2024, the analysts at Team NEO are expecting the regional gross domestic product in manufacturing industry to show a growth of 43%. Ironically, the employment in manufacturing industry is likely to drop due to poor production efficiencies.
The scenario in the automotive industry is quite different. The reasons it is expected to witness growth is due to strong supply chain, investments from international companies, and trained workforce.
The aspect of interest from international companies includes companies such as Borgers USA. This German-based Tier 1 automobile supplier which started operations in August at Norwalk is expected to employ 230 people. Its USD 60 million facility manufactures carpets, insulation, and trims for passenger cars and other commercial vehicles.
The manufacturing sector’s contribution to the gross state product (GSP) of Ohio, which is up at USD 99.8 billion, a 12% rise from USD 87.2 billion reported in 2012. The GSP has proved to be a god source of state's economic activity helping the projections and thus plans for many manufacturers in the state.