Yesterday, Boeing Company President and CEO Jim McNerney was featured speaker for the 12th Annual Aviation Summit at the U.S. Chamber of Commerce. The event featured aerospace leaders from both the private and public sectors. The aerospace industry plays a vital role in our nation’s manufacturing sector, leading the innovation, development and advancement of new technology that benefits our entire economy.
In his discussion with Chamber President Tom Donohue, McNerney talked about the uncertainty in our economy that is causing manufacturers and companies to think twice before investing. “Certainty is a word that’s thrown around, but it is a meaningful word when you look at – long-term investment at this stage in the recovery is significantly lower than long-term investment at analogous stages in other recoveries,” said McNerney.
Manufacturers remain concerned with how Washington continues to lead us from one crisis to the next as well as the weakness in the economies around the world, such as in Europe.
McNerney also discussed how we are on the verge of manufacturing renaissance here in the United States, and the tremendous multiplier effect of manufacturing to the economy. “And I think there’s also a realization as people think about tax and fiscal policy that the value of manufacturing in terms of its broader impact on the economy is huge,” added McNerney. For every $1.00 that is spent in manufacturing, another $1.48 is added to the economy, the highest multiplier of any economic sector.
Another important topic of discussion was the U.S. Export-Import Bank (Ex-IM). The Bank is a vital tool to manufacturers of all sizes which gives them the tools they need to be able to export to new markets throughout the world. Last week it was announced that President Obama has nominated Ex-Im President Fred Hochberg for a second term, this is positive news for users of the Bank and was lauded in a statement by NAM President Jay Timmons last week.
“Well, Ex-Im has always been important to big manufacturers who export,” Said McNerney of the value of the Ex-Im Bank. “Under Fred Hochberg’s leadership has become much more relevant for small- and medium-size businesses who, quite frankly, would – who find it even more difficult to export without some financial support.”
In 2012 the Ex-Im Bank supported more than 255,000 jobs making it a critical tool to our nation’s manufacturers and their ability to export. With 95 percent of the world’s consumers outside of the U.S. we must to more to export our products.