The US economy is doing exceedingly well in the service sector but the economic engine gets real fuel from the manufacturing. In order to encourage the secondary sector in the economy, the United States Department of Commerce released names of 12 places across the nation, which are best to invest. The Pittsburgh area is one of those 12 places where manufacturing can flourish. The report urged investor to spend their money in these region and be assured of returns. Penny Pritzker, Secretary of Commerce made the announcement. He added that all 12 regions along with Pittsburgh will get government assistance to boost manufacturing.
The monetary value of this assistance is as high as $1 billion and looks like Obama Administration is more than eager to create perfect economy back home. Many republicans criticized the President for exporting manufacturing jobs to cheaper places like China. The commerce secretary said at a function in the capital that the taxpayers money will be invested in these places in a such way that all high impact projects send returns back to the citizens. Mr. Pritzker explained that these are grants for a better future. The analysts predicted that the upcoming investment in the region would add 14,000 skilled manufacturing job.
Next 10 years will also fuel 2 percent annual growth of the economy through factories in these areas. Director Bob Stein from the Institute of Entrepreneurial Excellence said that the new policy aims to attract 8000 well established corporations along with 200 start-ups. The University of Pittsburgh’s university helped government to form these policies.