Automakers are looking to bring production back to the US, but a shortage of skilled labor is a key challenge. Ian Wyatt, director of economics at Huntington Commercial Bank, explains that without proper workforce training, the goal of reshoring manufacturing becomes difficult to achieve.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
Do you think, I mean, bottom line, what Trump wants is he wants more auto manufacturing here. Do you think we ever actually see some American auto CEO say, make some really big, headline-making announcements like I have this massive plant in Mexico and yes, Mr. President, I am, I'm bringing it back to Ohio?
I mean, I will say when I talk to companies, like I was talking to a transmission manufacturer, um, in the Midwest, and they were saying like they had more business, they were turning away business because companies even, you know, back in December, January were looking to bring as much production back to the United States as they could. But what I'll say this guy says, and I have heard this for a decade from almost anyone in manufacturing is, there is a lack of skilled labor. We are not training right. People were probably not recruiting generally, you know, the college targeted kids, who are the ones who have the intellectual capacity and skill set to do the really skilled manufacturing work. A lot of them aren't going into manufacturing. So that workforce in the United States, they're worried about current production levels, honestly. They say most of these guys are age 55 plus. I don't know when these guys are going to retire and women are going to retire, but I don't know where the next generation is coming from. And they're very, they, they see that. So I think we can't get manufacturing back and more manufacturing back to the United States if we don't have the labor force.