Manufacturing.
Author | Morgan, Todd A. |
Position | A YEAR OF CHANGE |
After four consecutive years of growth, it appears that 2015 was the first year that Montana saw a decline in manufacturing jobs. Montana's manufacturing sector had experienced steady gains since the Great Recession ended. Manufacturing employment in the state grew between 3.5 and 5 percent annually from 2011 through 2014, outperforming manufacturing employment growth at the national level (See Figure 1). And over the same period, Montana manufacturing income grew by 3.5 to 7.5 percent annually. These gains were due in part to growth in a variety of manufacturing industries in the state, including brewing and distilling, oil refining, fabricated metals, computers and electronics, and printing. Even wood products grew, as new home starts slowly increased nationally.
Several changes during late 2014 and 2015 have created challenges for Montana manufacturing. The stronger U.S. dollar has put domestic manufacturers at a disadvantage in foreign markets and made imports cheaper at home. In concert with the strong dollar, slowing foreign economies have led to reduced exports, especially to China and Europe. The value of Montana-made exports dropped more than 3 percent annually from 2013 and exports have slipped from 10 to 8 percent of Montana manufacturers' total shipments. Slower than expected U.S. housing starts and over-supplied lumber markets hampered wood products during 2015, and substantially lower crude oil prices have begun to reduce sales by manufacturers serving the oil industry in the Bakken.
Nationally, unemployment remains low and...
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