China Exodus Could Create Up To 3 Million US Jobs
Improved U.S. competitiveness and rising costs in China will put the United States in a strong position by around 2015 to eventually add 2 million to 3 million jobs and an estimated $100 billion in annual output in a range of industries, according to a new report by The Boston Consulting Group (BCG).
The study identifies seven “Tipping Point” industries as follows:
- Computers and Electronics. The U.S. imports from China around 26 percent of the electronics it consumes, led by computers, wireless phones, and televisions. U.S. imports of these products from China in 2010 were worth $122 billion.
- Appliances and Electrical Equipment. China supplies more than $4.5 billion in lighting products and $6 billion in small appliances such as fans, vacuum cleaners, and microwave ovens each year. China also exports big appliances like refrigerators, freezers, and dishwashers. U.S. imports of these products from China in 2010: $25 billion.
- Machinery. Leading Chinese exports in this broad category include air conditioners, heaters, pumping equipment, office machinery, power tools, optical products, photocopiers, and farm equipment. U.S. imports from China in 2010: $16 billion.
- Furniture. This industry, a traditional strength of southern U.S. states such as Virginia and North and South Carolina, witnessed a surge in imports from China from 2001 through 2006. U.S. imports from China in 2010: $13 billion.
- Fabricated Metals. The array of metal products now made in China include plumbing fixtures, hardware, hand tools, cutlery, and pots and pans. U.S. imports from China in 2010: $10 billion.
- Plastics and Rubber. Top Chinese exports to the U.S. include tires, floor coverings, and bottles. U.S. imports from China in 2010: $9 billion.
- Transportation Goods. China has become a major source of car and truck components, motorbikes, bicycles, and aircraft parts. U.S. imports from China in 2010: $6 billion.
See the story in Manufacturing.net that gives several links to the BCG’s study.
Now the question will be…where do we find all the workers to staff these jobs?
Nice problem to have, huh?