The U.S. automotive industry has been rocked by unsettling trends the past several years. Riddled with formidable challenges such as fading loyalty and catastrophic cash shortages, industry outlooks have been sluggish at best. Manufacturers and suppliers alike have been subject to stark optimism, but, as 2011 draws to a close, there is reason for hope. In fact, signs of growth, albeit slow, are creeping up across the nation.
The U.S. automotive industry has been rocked by unsettling trends the past several years. Riddled with formidable challenges such as fading loyalty and catastrophic cash shortages, industry outlooks have been sluggish at best. Manufacturers and suppliers alike have been subject to stark optimism, but, as 2011 draws to a close, there is reason for hope. In fact, signs of growth, albeit slow, are creeping up across the nation.
The significance of the automotive industry to the U.S. economy is undeniable. The U.S. auto industry is the world’s third largest, trailing only powerhouses, China and Japan. According to the International Organization of Motor Vehicle Manufacturers, in 2010 China produced 18.2 million vehicles, Japan 9.6 million and, in the U.S., 7.7 million vehicles were produced. October 2011 statistics from the Bureau of Labor Statistics reported nearly 3.5 million employees in the automotive sector, a 3.67% increase over this time last year. Since the industry’s collapse in 2008, the U.S. economy has followed suit; however, recent industry trends seem to indicate the $34 billion cash infusion of 2008 to two of the Big 3 industry players (GM & Chrysler) is beginning to have a broad and positive impact on the U.S. economy.