Biden announces investment in Siemens and planned factory jobs

0

President Joe Biden speaks during a Cabinet meeting in the Cabinet Room of the White House on Thursday in Washington. (AP Photo/Patrick Semansky)

President Joe Biden has been pushing for more jobs in American factories – and he was joined on Friday by the CEO of technology company Siemens USA to announce a $54 million investment in the production of equipment for the electrical infrastructure.

The investment will create an additional 300 jobs at sites in California and Texas, with existing workers at those facilities participating in the White House event via video.

“We see more jobs, more hope,” Biden said. “And we’re also seeing something else: the rebirth of pride, the rebirth of pride that comes from stamping products ‘Made in America’.”

Siemens USA CEO Barbara Humpton is among several manufacturing executives who have met with Biden in recent weeks to discuss their expansion plans. Humpton said the future of manufacturing must merge global innovation with local production to avoid the kinds of supply chain challenges brought about by the pandemic. It’s a process she called “glocalization.”

Biden has relied heavily on the manufacturing sector as a source of economic growth and national pride. The White House has previously highlighted plans by Intel to open a $20 billion factory in Ohio and General Motors committing $7 billion to create 4,000 electric vehicle manufacturing jobs in Michigan.

The United States has about 12.6 million manufacturing jobs, about 200,000 jobs below pre-coronavirus pandemic levels. Past presidents promised a factory boom, but the economy had around 17.3 million manufacturing jobs in early 2000 when offshoring to China and other countries accelerated as employers were looking to cut costs.

With supply chains tight after the COVID-19 outbreak, Biden argues that bringing factory jobs back to the United States will help eliminate knots in the supply chain and keep inflation at a low. Low level.

Biden also announced details Friday of a final rule related to his “Made in America” ​​executive order from January of last year. The rule will require companies supplying goods to the federal government to have 75% of their product content domestically manufactured to qualify by 2029. That’s up from the previous level of 55%.

Share.

About Author

Comments are closed.