In 2017, President Trump, along with industry leaders from the National Association of Manufacturers (“NAM”) signed an official proclamation declaring the first Friday of October as National Manufacturing Day. The primary goal of National Manufacturing Day is to continue to inspire the next generation of manufacturers.
Manufacturing is the backbone of the U.S. economy and without manufacturers, the economy as we know it today would cease to exist. The Bureau of Economic Analysis, in conjunction with NAM estimate that manufacturers accounted for 11% of the US GDP, and that for every $1 spent in manufacturing, another $2.74 is added to the economy. Taken alone, US manufacturing would be the eighth largest economy in the world based on GDP. According to some statistics, over the next decade there are expected to be over four million job openings in the manufacturing sector, with a growing skillset shortage. Most critically, manufacturers perform nearly 62% of all private sector R&D.
The Manufacturing Institute states that the main priorities of Manufacturing Day are to change people’s perceptions of manufacturing careers, to re-establish the US as a global leader of manufacturing education, and to advocate for education and job training policies to strengthen the US manufacturing workforce.
DST Advisory Group specializes in helping taxpayers in the manufacturing industry remain competitive by reducing tax liability with Federal and State-based tax incentives for research and development activities. This reduction in tax liability allows the taxpayer to reinvest back into their businesses by hiring technically skilled individuals or improving processes, ultimately keeping Americans employed and the economy growing. DST has successfully helped manufacturers in all sectors claim R&D tax credits, including food and beverage, tool and die, automobile, and aerospace. DST’s highly qualified project teams have worked in manufacturing roles across several critical industries and understand the struggles and challenges manufacturers face and how the R&D credit impacts this industry.
In honor and recognition of Manufacturing Day, DST wishes all members of this very important economic industry a very happy Manufacturing Day!