Manufacturing has been on the rise here in the United States. It’s all that anyone can talk about. But who can blame them? The U.S. was a major player in manufacturing, fell off the map, and is experiencing a manufacturing renaissance. Government and private interest is breathing new life into the industry, and poising the U.S. to, once again, be a key player in the manufacturing industry. But the U.S. isn’t the only nation experiencing growth in manufacturing.
Most of the world has been benefiting from lower oil prices in recent months, especially in manufacturing sectors. UK manufacturing is certainly benefiting. Lower production costs have led to growth nearly every Industrial sector in the UK.
German manufacturing saw a strong finish last year, and it’s not slowing down as orders continue to increase through the beginning of this year. The Wall Street Journal had predicted an increase of %1.2 through February, but Germany has reported a rise of an impressive %4.2. Germany boasts Europe’s strongest economy, and their position as an industrial powerhouse only strengthens their standing.
Japan has been struggling recently with an aging workforce and an unexpected recession, but manufacturing proves to be looking up for the island nation. Japanese manufacturing has been in the expansion range for eight months straight, and orders have been gaining steadily for seven consecutive months. This is great news for a country looking to recover from a recent economic crisis.
However, manufacturing isn’t thriving everywhere. China, who for years benefited from overseas outsourcing, isn’t enjoying the manufacturing boom that the rest of the world is experiencing. Chinese manufacturing actually decreased this year, marking the first time this has happened in two years. Manufacturing is tied so closely with the economy in China, that this slump in industry is resulting the country’s slowest economic gain in the last 24 years.
Manufacturing is thriving across the globe. The advancements made in industrial automation and the emphasis on smart manufacturing are big contributing factors, and these technologies are being improved upon every day.