US Manufacturing slowed a bit in May. But this could be a result of some significant weather related issues that have impacted the mid-west over the last month. At the same time, the government has reported that job growth for May was stronger than expected, with 175,000 new positions created. This brought the unemployment rate for the month to 7.6 percent for the month which is down from 8.1 percent last year. So far this year the national unemployment rate has hovered in the mid-seven percent. The stock market continues to reach historic levels and economists are projecting manufacturers to have a strong second half of 2013. The number of available positions continues to rise as the churn in the market continues to create open positions even with companies with longer employee tenures.
Onshoring trend brings more manufacturing jobs back to U.S.
The ongoing trend of foreign-based companies setting up stateside operations has helped to create more demand for workers in the manufacturing sector.
Hal Sirkin, a senior partner for the Boston Consulting Group, told USA Today that many foreign manufacturers are taking advantage of the U.S. market.
“The global economics have shifted dramatically,” Hal Sirkin told the newspaper. “The wind was in our face. Now, we’re starting to see a tailwind.”
Manufacturers that have recently announced stateside expansions include Mohawk Industries, which said it would create 500 new factory jobs in Chattooga County, Georgia. In Wisconsin, Crystal Finishing Products has doubled its U.S. production of high-performance coatings over the past three years and said it plans to create another 250 positions at its Mosinee plant, according to Wisconsin Public Radio. Foreign-based companies that have set up shop on U.S. soil over the past two years include Rolls-Royce and Siemens.
According to the Reshoring Initiative, more than 200 companies, including domestic organizations, have brought production to the U.S over the past three years, which has helped generate more than 50,000 jobs. Figures from the Organization for International Investment have found that by 2020, onshoring could generate millions of new U.S. manufacturing jobs.
Analytics company to set up shop in North Carolina, create 400 finance jobs
Switzerland-based research and analytics company Evaluserve has announced that it will open its first U.S. operation in North Carolina and create 400 new finance jobs over the next four years.
According to the News and Observer, the firm will spend $5.9 million to build the new center in Wake County. Evaluserve said the facility will focus on data analytics, financial services research and investment banking support.
“Building our presence in the U.S. is integral to our growth strategy, especially as we strive to forge deeper and more strategic relationships with our clients,” Marc Vollenweider, Evaluserve’s chief executive officer, said in a statement.
In announcing the jobs, North Carolina Governor Pat McCrory said that Evaluserve’s presence will help help firm the state’s image as a center for tech-related jobs.
“Evalueserve has found a perfect fit for its Center of Excellence right here in North Carolina,” McCrory said. “The research and analytics jobs that they’ll create will strengthen our hi-tech hub and be an example to others of the strong talent pool and attractive quality of life that characterizes Wake County, the Research Triangle and the state.”
The jobs are expected to pay an annual salary of $59,629, well above the county’s average of $48,042.
Evaluserve has similar research centers outside the United States, including in China, Romania, India and Chile.
New tax breaks could help keep marine industry afloat
A new proposal being debated by lawmakers on Capitol Hill could help revive the marine manufacturing industry following years of declining sales.
The United States Superyacht Association (USSA) said that the plan would eliminate mortgage interest deductions for boats, which now qualify as second homes, The Washington Post reports. The trade organization said that after President George H. W. Bush in the early 1990s slapped a 10 percent luxury tax on boats selling for more than $100,000, the industry lost thousands of jobs.
“It’s been very difficult for them to stay in business with this tax in place,” Bill West, executive director of the Northwest Marine Trade Association, told the Seattle Times.
According to the Department of Employment Security, Washington state alone has lost more than 1,800 boat-building and repair jobs over the past four years.
Meanwhile, it appears as if boat owner ship is starting to rebound in Rhode Island. The Providence Journal reports that the Ocean State’s boating industry has started to stabilize with builders such as C and C Fiberglass Components, Hinckley Yachts and Hunts Yachts all reporting that business is thriving.
The National Marine Manufacturers Association reports that the recreational boating industry in Rhode Island is now estimated to be worth $500 million per year.
Transportation bills to speed up job creation in Georgia, Virginia
Georgia Governor Nathan Deal has announced a bi-partisan partnership to improve traffic conditions at Interstate-285 at Georgia 400 in Atlanta, which is considered one of the largest employment hubs in the state.
The project is expected to create both short-term constuction and long-term permanent jobs.
“This project provides important economic and quality of life benefits,” Deal told the Dunwood Crier. “It improves the movement of people and goods across and within the state, expands Georgia’s role as a major logistics hub for global commerce and assists in creating jobs and growing businesses. Due to limited resources, this model of partnership gives us the tools we need to facilitate major transportation projects.”
Meanwhile, a new study out of Virginia has found that the state’s new transportation funding plan could support more than 13,000 jobs a year.
Virginia Business reports that the study from Chmurea Economics and Analytics also noted that transportation projects across the state could have an economic impact of $9.5 billion over the next six years.
The plan, which is expected to create $3.4 billion in statewide transportation funding, will also support an additional 2,925 jobs a year in new transit and rail construction.
Governor Bob McDonnell signed the overall bill earlier this month, which creates the first sustained revenues for transportation projects in 27 years.
Bank of New York Mellon expands wealth management sales staff
The Bank of New York (BNY) Mellon Corporation has announced that it is expanding its stateside wealth management sales workforce by 50 percent by 2015 , which will create 100 new industry jobs.
The Tribune Review reports that the expansion will generate positions across a number of states, including Pennsylvania, Florida, Texas and Washington.
BNY spokeswoman Susan Rivers told the media outlet that the company is hoping to have a presence in the top 25 wealth markets.
“We”re finding that in the coming decade, we’re going to see growth in individuals’ assets, so we thought this was a strategic time to expand our sales force,” she said. “These (customers) are people who will see the advice of a seasoned wealth manager.”
Meanwhile, a new survey of certified financial planners has found that wealth managers and actuaries top the list of the best jobs of 2013.
According to Business Administration Information, the job market for financial planners and wealth managers is showing a boost for long-term prospects.
Cecil Bykerk, an actuary with nearly four decades of experience and president of the American Academy of Actuaries, told the industry news source that a number of opportunities exist in the field and similar sectors for those who are “skilled in mathematics and statistical analysis.”