MT Magazine November/December 2023

MANUFACTURING MATTERS

THE ECONOMICS ISSUE

10

ADVOCACY

Manufacturing Innovation Fuels Economies Global economics and manufacturing are tightly interwoven. Manufacturing plays a crucial role in the economic landscape affecting a country's GDP, trade balance, infrastructure development, innovation, and overall economic strength. At the heart of this is innovation, which can catalyze economic development. The infusion of cutting-edge technologies and methodologies into industry propels efficiency and productivity. Streamlined processes, from automation to data analytics, increase output while minimizing costs. Job markets evolve, demanding a skilled workforce. This dynamic shift not only fuels employment but also cultivates expertise, positioning the workforce as a global asset attracting foreign direct investment. Moreover, innovative manufacturing has a ripple effect across other sectors, triggering advancements in logistics, research, and development. Technologically advanced products enhance global competitiveness, leading to exports and a better trade balance. Jobs, GDP, trade, economic strength: It’s all tied into manufacturing, so be proud. Spending Fight Impacts Manufacturers President Joe Biden signed a bipartisan spending bill that will fund the government at current levels until early next year. The “laddered” continuing resolution, an unusual approach from newly minted House Speaker Mike Johnson, R-La., funds four departments and related agencies through Jan. 19 and the remaining eight through February. The intent is for the two deadlines to allow sufficient time to complete all 12 of the individual appropriations bills despite significant disagreement between and within parties on funding amounts. The timing of the funding plan has implications for manufacturers because it influences prospects for a year-end tax package that could include important tax changes. Lawmakers from both parties and chambers have been working on a deal that would extend 100% bonus depreciation, restore expensing for R&D costs, and provide relief on business interest deductions. Attaching a tax bill to the spending package is no longer an option. However, the January and February deadlines for the 12 must-pass funding bills provide additional opportunities to get tax relief for manufacturers over the finish line. INTERNATIONAL

The Manufacturing Technology Series 2023 will bring

the most important manufacturing technology events in the U.S. in 2023.

Feb. 21-23, 2023 Houston, TX

May 16-18, 2023

Oct. 24-26, 2023 Greenville, SC

Nov. 7-9, 2023 Long Beach, CA

Visit mtseries.com to learn more.

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