Green technologies and energy will power manufacturing growth in the U.S. over the next three years, along with high-tech and biotechnology, according to a survey of 360 senior industry executives.
The study, which was sponsored by GE and carried out by the Economist Intelligence Unit, also found that a large majority believe that innovation will be the future driver of manufacturing growth in the U.S., with 63% of respondents stressing that innovation in manufacturing processes is extremely important to the long-term success of the U.S. as a manufacturing destination.
The three greatest assets providing the U.S. manufacturing industry with an edge over emerging markets, according to the surveyed executives, are innovative processes, intellectual-property protection and the high quality of products.
The polled group also agreed that business-led initiatives are the key to the future competitiveness of the industry, rather than government incentives. However, the executives do see a role for the government in improving science and math education, offering tax incentives and creating a better regulatory environment.
The survey was conducted in August. Forty percent of the 360 respondents were board members or C-level executives, including 96 CEOs, from industries such as high-tech, electronics, energy, biotech and pharmaceuticals.