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Manufacturing

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Manufacturing

Manufacturing is the engine that drives and expands the American economy. Perhaps manufacturing is best defined by the clear and simple slogan of the National Association of Manufacturers (NAM), “We are the people who make things in America.”

According to a survey released by the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST), more than 361,000 manufacturing companies meet the federal definition of a small manufacturer by having fewer than 500 employees. Those companies account for more than half the total value of U.S. manufacturing production and employ more than two-thirds of all U.S. manufacture workers.
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As an economic development organization that has served Oklahoma manufacturers for more than 25 years, Rural Enterprises of Oklahoma Inc. (REI) can testify to the economic impact of small manufacturers on the nation’s economy. Ultimately, REI’s experience provides it with not just a theory or hypothesis but more importantly, authentic understanding of the challenges faced by America’s small manufacturing firms.

Manufacturers apply tools and a processing medium to transform raw materials into finished products for sale. As simple as that sounds, it is an arduous undertaking to start or expand a manufacturing operation. The process comprises a series of challenges for manufacturing entrepreneurs. On the heels of requiring capital are the needs for management proficiency, people skills, new equipment or modernization of equipment, the ability to compete in the global marketplace, cash flow management training, and workforce issues. New or expanding manufacturing firms must also have access to new technology, commercialization, and procurement of government contracts.

This is an excerpt from The NEXT American Opportunity. The full text can be downloaded as an Adobe PDF Document.