The U.S. as One of the Developed World's Lowest-Cost Manufacturers

Export manufacturing has recently become the unsung hero of the U.S. economy. Despite all the public focus on the U.S. trade deficit, little attention has been paid to the fact that the country’s exports have been growing more than seven times faster than GDP since 2005. As a share of the U.S. economy, in fact, exports are at their highest point in 50 years.

But this is likely to be just the beginning.

It is projected that the U.S., as a result of its increasing competitiveness in manufacturing, will capture $70 billion to $115 billion in annual exports from other nations by the end of the decade. About two-thirds of these export gains could come from production shifts to the U.S. from leading European nations and Japan. By 2020, higher U.S. exports, combined with production work that will likely be “reshored” from China, could create 2.5 million to 5 million American factory and service jobs associated with increased manufacturing.

The perspective is based on shifts in cost structures that increasingly favor U.S. manufacturing. China’s once overwhelming production-cost advantage over the U.S. is rapidly eroding because of higher wages and other factors—and how these trends are likely to boost U.S. manufacturing in specific industries. Below, we focus on America’s increasing cost-competitiveness in manufacturing compared with leading advanced economies that are major exporters.

10 Things You Can Learn From The Apple Store

The Apple Store is the most profitable retailer in America, generating an average of $5,600 per square foot and attracting more than 20,000 visitors a week.

In the decade since Steve Jobs and former head of retail, Ron Johnson, decided to reimagine the retail experience, the Apple Store not only reimagined and reinvented retail, it blew up the model entirely and started from scratch. In his research for The Apple Experience, Carmine discovered ten things that the Apple Store can teach any business in any industry to be more successful:

1. Stop selling stuff. When Steve Jobs first started the Apple Store he did not ask the question, “How will we grow our market share from 5 to 10 percent?” Instead he asked, “How do we enrich people’s lives?” Think about your vision. If you were to examine the business model for most brands and retailers and develop a vision around it, the vision would be to “sell more stuff.” A vision based on selling stuff isn’t very inspiring and leads to a very different experience than the Apple Retail Store created.