First Word: The Times They Are a-Changin’
Bob Dylan wrote that famous song in 1964, but those lyrics still resonate today. All it took was a global pandemic and, most recently, the first major military conflict in Europe in more than 75 years to show just how vulnerable the global supply chain has become. And suddenly the supply chain was turned upside down.
A broken supply chain can lead to disastrous consequences such as lack of inventory, inflation and potentially recession. And now it has forced major manufacturers to rethink how they bring products to the market.
Tesla has managed to avoid the brunt of the crisis in semiconductor supply by building its own supply chain. When Tesla built its Gigafactory in Nevada, the goal was to control its battery supply chain and not rely on foreign parts. This decision gave Tesla more control over its software and battery components and provided the company with inherent flexibility which other manufacturers didn’t have.
Now others have followed suit. GM is working with a list of semiconductor companies on co-development, sourcing and manufacturing, helping to drive predictability in the supply chain. As Buckley Brinkman, CEO for the Wisconsin Center for Manufacturing and Productivity (WCMP) notes in our cover story this month, “you need to keep your manufacturing on your own shores and build up your inventories.”
Of course, the best part of keeping manufacturing and the supply chain on our shores is the increase in jobs that will benefit the economy. More job opportunities aligned with the manufacturing industry, which has long been a desired goal, could be an unintended consequence of the pandemic and supply chain shortage. And it could lead the United States back to a time when manufacturing was the biggest job producer in this country.
The more things change, the more they stay the same…
Business Facilities March / April 2022 Issue
ON THE COVER
Linking The Global Supply Chain | A number of states are now in the matchmaking business, all trying to help companies solve their increasingly-complex and demanding supply chain issues. Can they be successful?
Governor’s Report: Building A New Image In Maryland | Governor Larry Hogan says that a combination of a great location, educated workforce and a streamlined attitude towards business is helping the state create the right image
Top Logistics Hubs: On The Move | Cities and counties are leveraging their locations, skilled workforce and intermodal services to keep goods moving along.
Foreign Direct Investment: A Foreign Affair | States are vying to attract foreign direct investment (FDI) funds as cross border investments pump much-needed funds into local economies.
Business/Industrial Parks: There’s No Place Like Home | Operators of business and industrial parks realize that they need to offer more of everything to attract new companies to their sites.
Connecticut Focus: Location Plus | Connecticut is situated between two major metro areas. But the Nutmeg State offers much more than just a great location.
Automotive Special Report: Driven To Success | The automotive category is hot and states are vying for their share of a growing and lucrative pie.
Manufacturing Industry Focus: On The Bright Side | Economic developers are going to great lengths to highlight their advantages as competition dramatically increases for new manufacturing sites.
Locations For The Ports & FTZs Industry | Ports and free trade zones have taken on much greater importance as supply chain issues increase and demand for products grow.
Life Sciences Industry Focus: The Circle Of Life | The Life Sciences field has taken on much greater significance in recent years. Economic developers are responding with more options to make their communities more appealing.
Arizona State Focus: Heading To The Desert | Arizona is offering great incentives and a business-friendly environment to attract new business.
New York State Focus: A New York State Of Mind | New York is much more than just New York City. Upstate offers tremendous opportunities, including a well-educated workforce.
Focus On Puerto Rico: Its Place In The Sun | Emerging business opportunities are thriving in Puerto Rico.
Connecticut Gets Back In The Show | Officials at AdvanceCT say that the Nutmeg State is ratcheting up its game to convince businesses—near and far—to take their business to a better place: Connecticut.
Why…West Virginia? | Mitch Carmichael, Secretary of West Virginia’s Department of Economic Development, has many reasons why businesses should consider the Mountain State. Here are some of the state’s many business-related activities and advantages.
Missouri: Showing The Way | G. Subash Alias, CEO of Missouri Partnership, said that the Show Me State is ideally positioned to attract businesses. Here is his outlook for the partnership and the state.
Sweet As Sugar (Land) | Sugar Land, TX boasts a sizable cluster of biotech companies, a strong advanced manufacturing industry, and various corporate headquarters, according to Elizabeth Huff, the city’s Director of Economic Development.
Canada: Supply Chain Partner For Businesses Seeking Stability, Growth | Canada’s advanced economy means that supply chains and the infrastructure to support them already exist in numerous industries, according to Katie Curran, Interim CEO, Invest in Canada.
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