The U.S. really is going to need the immigration reform. There easily could be a shortage of workers within four years. Minneapolis is already advertising around the country to get people to move here because of a growing shortage of workers in the Metro Area. Citi GPS, Citigroup’s economic analysis group, estimates that by 2020, America’s energy revolution will support as many as 3.6 million jobs, both in the energy sector itself, and including the new manufacturing development it will support. The Financial Times recently reported on the concerns in European economic ministries at the rapid pace at which heavy industries are shifting operations to the United States to take advantage of its reasonable labor costs and inexpensive energy. The energy boom is in every area. In electricity generation all the new power coming online is renewable. Every energy sector job also creates 1.8 other jobs supporting the sector. The repatriation is now flooding the US. Dow recently compiled a list of 108 major new manufacturing projects occurring in the United States, from more than 80 different companies. These are new manufacturing plants, either under construction or in development here, with planned investment of nearly $100 billion. About a third are already underway or due to start construction this year; 60 percent are scheduled to be under construction by 2015. Appliance makers, toy makers, the airline industry, even clothing manufacture is repatriating into the United States. This does not even touch on the construction side. The projects in the Twin Cities are the highest ever. In all areas, public, private, office, retail, medical, hotels, multi-family, education, single family. There are over ten new projects in downtown Minneapolis over the next 12 months, including a new seven acre park and football stadium. Any wonder markets hit all time highs again, now 4 points away from what I thought would be the high for the entire year and it is just August.
Posted on: Thu, 01 Aug 2013 21:29:23 +0000