- Northbrook US-IL
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As Chairman of the Saranow Group, Mitchell Saranow founded Fluid Management, L.P., a world leader in the fabrication of color formulation equipment for paints and inks, and SureTint Technologies, LLC, developer of an innovative formulation system for hair dye color, where he served until 2013. Saranow’s career reveals that while some talk about American manufacturing as a thing of the past, in reality, U.S. manufacturers continue to play a vital role in the country’s economy. This overview provides a broad sketch of this important sector.While it is true that manufacturing accounts for much less of the nation’s GDP today than in the 1970s, the sector remains critical to U.S. economic health and dynamism. Many observers are surprised to learn that, far from being insignificant, US factories currently produce 21% of the world’s manufactured goods. To make them, the nation’s manufacturers employ almost 12 million people, paying them an average wage of nearly $24 per hour. Instead of declining, factory employment has grown faster than other job categories during the post-2008 recovery.Undoubtedly, manufacturing is shifting, with growth in high-tech industries plus advances in automation and efficiency reshaping what used to be a labor-intensive area. Massive investments in research and development have helped drive these transformations. In fact, manufacturing firms are responsible for two-thirds of the research and development performed by the private sector. Although U.S. factories will continue to face challenges, such investments will help the sector to thrive in a changing world, and the work of Mitchell Saranow and the Saranow Group provides clear evidence that American ingenuity and innovation continue to drive the economy.