NAM Study Says Ports Stoppage Would Be Devastating Hit to Manufacturers
Stoppage Would Cost Economy Half a Billion Dollars a Day, Destroy 41,000 U.S. Jobs
As negotiations between the Pacific Maritime Association and International Longshore and Warehouse Union near a critical deadline, the National Association of Manufacturers released a statement on the potential impact of stoppage based on analysis commissioned by the organization utilizing the Inforum LIFT economic model to quantify the impacts of a potential 15-day closure at the Los Angeles and Long Beach ports.
According to the study by Inforum Economics, a 15-day disruption would cost the US economy nearly half a billion dollars a day — for a total of $7.5 billion — and destroy 41,000 jobs, including more than 6,100 in manufacturing. As the industry continues to grapple with historic supply chain challenges, inflationary pressures and rising transportation and energy costs, manufacturers are calling on the parties to reach an agreement immediately to avoid this continued uncertainty.
NAM: Build Back Better Act Puts Tax Target on Manufacturers
Following the vote on the Build Back Better Act in the U.S. House of Representatives, National Association of Manufacturers President and CEO Jay Timmons released this statement:
“This bill, regardless of its intentions, is paid for by taxes that will hit manufacturers harder than other industries. We oppose this legislation that would stifle our ability to expand our operations, hire more workers and raise wages and benefits. This comes at a time when Americans are counting on manufacturers to lead our recovery and respond to supply chain challenges. The ‘book tax’ in particular harms manufacturers more than others because it increases the cost of machinery and equipment purchases, which are central to manufacturers’ operations and our ability to create and support American jobs.
Manufacturing Resurgence Creates Opportunity
By Lisa Anderson
There will be a resounding resurgence of manufacturing near-term. According to a new report from The Reshoring Initiative®, reshoring broke records in the US in 2020 and exceeded foreign direct investment (FDI) for the first time since 2013. Not only did it beat FDI, but it beat it by nearly 100 percent! Also, according to the National Association of Manufacturers (NAM), the vast majority of US manufacturers (88 percent) expect sales, production, and prices to increase next year despite the supply challenges. Clients across the board are experiencing these same trends. Thus, there will be organic growth as well as reshoring growth. Why has this resurgence taken off by leaps and bounds?
ABMA Creates COVID-19 Resource Page
ABMA has initiated a resource page for COVID-19 with variety of resources available and ties into the National Association of Manufacturers resource page which has a very comprehensive listing. The ABMA plans to add to the page as more resources become available.
WRITE YOUR LEGISLATOR
The ABMA has new improved versions for contacting government officials to ask for “essential” business classification. Check out the resources here:
www.abma.org/news/abma032210
ROUND TABLE DISCUSSION: MARCH 24
The ABMA also announced today that it will be facilitating a member round table discussion of COVID-19. Meeting details:
