U.S. Manufacturing Ranks No. 2 in Ability to Bounce Back Post-COVID-19
Cushman & Wakefield’s Global Manufacturing Risk Index analyzed the impact of COVID-19 on the global manufacturing sector, and how countries around the world are currently positioned and projected to rebound.
The study assessed the most suitable locations for global manufacturing among 48 countries in Europe, the Americas and Asia, and found the U.S. manufacturing industry ranked No. 2 in “bouncebackability.” China takes the top position.
Within the report, countries were assessed in four key areas:
- Bouncebackability: “Projected ability to restart manufacturing operations as confinement measures are relaxed and business begins to return to normal.”
- Conditions: The business environment, including the availability of talent and access to markets.
- Costs: A look at operating costs, including labor, electricity and real estate.
- Risks: Political, economic and environmental.
“Both China and the U.S. offer a large consumer market, ample labor supply and incentives at both the federal and state level, as well as an established infrastructure network,” said Jason Tolliver, global head of new commerce research at Cushman & Wakefield. “With the rapid adoption of technology into production processes, the U.S. and its higher-cost workforce could start to be better aligned to compete with China for manufacturing jobs.”