This afternoon, Commerce Secretary Bryson delivered keynote remarks at the Steel Manufacturers Association (SMA) 2012 Annual Members conference, where he discussed the importance of the steel industry and the administration’s efforts to support U.S. manufacturers.
As the Secretary said, this administration understands the importance of supporting U.S. manufacturers. When President Obama came into office, the United States was at risk of losing over one million auto industry jobs. The ripple effect on the supply chain would have been devastating, potentially eroding the U.S. manufacturing base and driving the economy from a deep recession into depression. Instead, due to the president’s leadership, the auto industry survived and is now thriving, adding more than 200,000 jobs over the last two and one-half years.
There is an inextricable link between America’s ability to produce and America’s ability to innovate, compete and create jobs. Manufacturing is responsible for 70 percent of U.S. private sector R&D, 90 percent of patents, and 60 percent of our exports. In addition, the Commerce Department released a report just last week showing that manufacturing workers earn pay and benefits about 17 percent higher than other workers.