Investing In America: Buying US-Made Products Can Deliver Numerous Benefits To The U.S. Economy And Consumers
Manufacturers and consumers alike have become increasingly aware of the importance of supporting innovation and manufacturing across the United States. With Independence Day upon us and celebrating our country’s independence, now is the time to focus efforts on investing in American-made products, U.S. manufacturing and job creation.
Cummins Allison, the leading innovator and provider of coin, check and currency handling solutions, underscores the importance of American innovation and manufacturing.
Made in the U.S.A: Benefits of Purchasing US-Made Products
According to research conducted by Perception Research Services International (PRS), American consumers are realizing the many benefits of purchasing “Made in America” products, including:
1. Stimulate the U.S. Economy
- 80 percent of shoppers said they’ve seen the “Made in the USA” label while shopping and nearly two-thirds (60 percent) said the claim influenced their purchasing decisions. Helping the economy was one of the main reasons people purchased items manufactured in the U.S.2
- Manufacturing makes up an important 12 percent of U.S. output3 continuing to increase this output will result in more jobs, which equates to more money flowing back into the U.S. economy.
2. Higher Quality Service and Products
- Manufacturing products close to the customer enables faster service response and parts delivery times.
- According to a recent Accenture survey of 287 manufacturing companies, a growing number of manufacturers are considering shifting operations closer to customers to provide better service, reduce total costs, and enable accelerated growth, thus competing more effectively.
3. Combat Increasing International Competition
- Support for U.S. manufacturing and homegrown innovation initiatives will better position American companies to compete with growing international competition.
- While the U.S. is still a major contributor to worldwide manufacturing, accounting for 19.4 percent of goods output, China's manufacturing sector grew at a phenomenal pace of 20.2 percent per year from 2008-2010.
- During the same period, U.S. manufacturing grew 1.8 percent; however the industry still contributed an estimated $1.95T to the American economy.
- The United States has a huge productivity advantage in that it produces only slightly less than China’s manufacturing output, but with 11.5 million workers compared to the 100 million employed in the same sector in China.4
Moving On-Shore: Manufacturers Bring Operations Back to the U.S.
According to a recent survey, 21 percent of North American manufacturers said they had brought production into or closer to the continent in the past three months and 38 percent planned to research such a move in the next three months.5 Reasons for bringing manufacturing back to the United States include: increasing quality, more accessibility when needing to fix problems with products, avoiding shipping hassles and meeting customer demands if there are any issues with products.6
Cummins Allison is advancing their US-based manufacturing and understands the importance of patents to promote technological achievements, help businesses safeguard their intellectual property and create more American jobs. The company is the only US-based manufacturer and supplier of coin and currency handling products and solutions.
1 United States House of Representatives, Committee on the Judiciary; http://judiciary.house.gov/issues/issues_patentreformact2011.html
2 Perception Research Services International; http://www.storebrandsdecisions.com/news/2011/06/28/made-in-the-usa-label-matters-to-consumers
3 Industry Week; http://www.industryweek.com/articles/viewpoint_businesses_must_stimulate_u-s-_manufacturing_by_buying_american-made_products_23054.aspx
4 Manufacturing Digital; http://www.manufacturingdigital.com/news_archive/tags/us/china-vs-us-manufacturing-comparison
5 MFG.com; http://www.inboundlogistics.com/cms/article/is-us-manufacturing-coming-back/
6 USA Today; http://www.usatoday.com/money/economy/2010-08-06-manufacturing04_CV_N.htm
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125 year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.
SOURCE: Cummins Allison