Digitalization Will Be Key to Building a More Vibrant U.S. Manufacturing Sector
By Raj Batra
Cars selling above sticker price, bidding wars on houses, and restaurants offering 401(k)s to waitstaff—these are just a few of the surprises of 2021.
The U.S. economy has rebounded from the devastation of 2020 faster than anyone expected. While other developed countries struggle to shake off the pandemic-induced slump, U.S. consumers are getting vaccinated and spending freely from the nearly $3 trillion in excess savings they accumulated in 2020.
Businesses are also investing. In contrast to the 2009 recession, when businesses sat on their cash, this time we’re seeing business investment rise by double digits and orders for capital goods hit highs not seen since the 1990s.
Manufacturing is all in. Nearly 40% of manufacturers have increased CapEx in Q2 of 2021, and more than half have kept it steady, according to the National Association of…