The health of US manufacturing has been a hot topic this year as both presidential hopefuls use the issue as a talking point for the upcoming election. Many think US manufacturing is on the decline, but new research finds US manufacturing is recovering, in part due to cheap energy from shale gas. Will the shale gas boom boost manufacturing in the United States?
The US manufacturing trend
In 2015 US manufacturers’ output totaled $2.17 trillion—the best performance the sector has had in 20 years. What’s surprising is that the most energy-intensive manufacturing industries have been the biggest winners in the recent manufacturing boom. This includes the iron and steel industry, petrochemicals, plastics, and even paper and food products.
What’s behind the boom? Many experts point to the availability of cheap energy resources, including shale gas. Falling gas prices have made it cheaper to run manufacturing plants today than at nearly any other time in our nation’s history. Gas prices today are lower than those in the aftermath of the Great Recession. The result of this savings? Since 2010 manufacturers in the United States have made more than $500 billion a year in profit, despite the rising costs of labor. In fact, experts believe US manufacturers might add 3 million new jobs to our economy in the next 10 years.
Bringing the trend home
This national trend is heartening, but SM Engineering knows that many manufacturers are missing out on savings. Outdated utility meters and overlooked utility rate savings can cost you thousands. With energy costs so low, it’s a great time to take a look at your utility costs.
But it’s difficult to know if you could be paying less without getting the help of an expert. Our knowledgeable staff will scour your bill for rate savings and suggest investments you can make in utility equipment to lower your energy use and lower your bill. Take a look through some of our case studies and read about the savings we’ve found for our clients.
Ready to discover the money you could save? Contact the experts at SM Engineering today.