NEW YORK, Dec 22 (Reuters Breakingviews) – Population growth in the US state of Kentucky has lagged behind the rest of America for the past 75 years. President Joe Biden’s push to move manufacturing onshore will not only change his trajectory, but that of others like him. The new investments will spur overhauls everywhere from New York state to Ohio to Illinois, reinventing parts of the country that have held back for decades and redistributing the US workforce, but at a cost to businesses.
Biden reinforced his push to turn the tide of globalization in August 2022 with two major pieces of legislation. The CHIPS and Science Act provided $53 trillion to bring semiconductor manufacturing and development to the United States. The Inflation Reduction Act, meanwhile, allocated $30 billion in corporate tax credits for the production of solar panels and renewable energy components.
As a result, companies from all over the world are opening operations in the state. Some of that will be in new developments in already booming states: Taiwan Semiconductor Manufacturing Company ( 2330.TW ), for example, is building a 1,100-acre, $40 billion chip factory in Phoenix.
But the Rust Belt states — which saw a decline in manufacturing power during the deindustrialization era — are also gaining. A new electric vehicle battery manufacturing plant will be built in Kentucky. Micron Technology ( MU.O ) is creating 9,000 jobs in the Syracuse, New York area by investing in a $100 trillion megacomplex. And high-tech manufacturing can find opportunity in abandoned old-tech infrastructure. Rivian Automotive ( RIVN.O ) bought an old Nissan Motor ( 7201.T ) plant in Normal, Illinois. Lordstown Motors ( RIDE.O ) took over an old General Motors ( GM.N ) facility in Ohio.
American workers are more expensive than elsewhere, hurting the profits of companies that hire in places like Arizona in 2023. Hourly wages in the United States are 12 times higher than in India, according to data from NationMaster. A semiconductor engineer in China makes a third of what a similarly qualified person does in America.
For the United States, however, Biden’s actions will be a boon to parts of the country left behind by the rapid economic growth of high-flying coastal states. The CHIPS bill authorizes $10 trillion over five years to “create 20 regional non-leading technology hubs.” So in 2023, the semiconductor architects chasing that money will pack up the U-Haul and head for the corn field. To the extent that it creates more good jobs in fields available to all Americans, even at the expense of profits, that’s definitely a good thing.
(This is a Breakingviews prediction for 2023. For more of our predictions, click here.)
Editing by Jonathan Guilford and Streisand Neto
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The opinions expressed are those of the author. They do not reflect the views of Reuters News, which, in accordance with the principles of trust, is committed to integrity, independence and freedom from bias.
Why are people moving to Bowling Green KY?
It has a vibrant downtown and waterfront and a strong and growing economy. See the article : OH MY GOD! The Outdoor Music Guide Is Now Available | City of Madison. Our Bowling Green Residents have access to the highest quality education, enjoy an active lifestyle with cultural, recreational and recreational opportunities and live in safe and livable neighborhoods.
Why do people leave Kentucky? About 55 percent of those surveyed by United Van Lines said they left Kentucky because they found a new job elsewhere. People also reported wanting to be closer to family and relocating for retirement. The largest age group moving out of state is the over 65s.
Why was Bowling Green Kentucky voted best place to live?
Bowling Green, Kentucky is a great place to live for people of all ages because of the opportunities for education, career and business growth.
Why move to Bowling Green ky?
Living in Bowling Green offers residents a dense suburban feel and most residents rent their homes. There are many parks in Bowling Green. This may interest you : Wellesley Business Buzz: Merchants raise concerns about ‘Parking, parking, parking’ in Wellesley Square; The Lockheart Restaurant sign goes up. Many young professionals live in Bowling Green and the residents tend to be conservative. Bowling Green’s public schools are above average.
Why is Kentucky in poverty?
In Kentucky, systemic barriers have led to higher rates of poverty and food insecurity than other states, a low median household income, and economic disparities by race, gender, geography, and more. This may interest you : DOHMH and NYCEDC Start at New York City State of the Art Public Health Laboratory.
Is Kentucky a poverty state? The following states and territories have the highest poverty rates in the country: Mississippi, Louisiana, New Mexico, Arkansas, West Virginia, Alabama, Kentucky, District of Columbia, South Carolina, and Oklahoma.
Does Kentucky have a lot of poverty?
More than 30 percent of the region’s residents live below the poverty line, and a similar share rely on SNAP benefits or food stamps to pay for basic needs.
Is poverty in Kentucky a big deal?
Kentucky’s poverty rate is 28.91% higher than the US average. In Kentucky, approximately 16.5% of the 4,379,845 people live in poverty. In the United States, 12.8% of the 324,173,084 people live in poverty.
Is Bowling Green KY a big city?
Bowling Green is a city in Warren County, Kentucky. It is also the county seat of Warren County. With a population of 75,140 in 2020, it is the 3rd largest city in Kentucky and the 526th largest city in the United States.
Is Bowling Green KY a small town? With a population of 70,000, Bowling Green is by no means small; however, there is a charming small-town atmosphere here that cannot be missed. You’ll find friendly faces, fascinating history, abundant green space, and unique attractions in the vibrant downtown area of Bowling Green.
Is Bowling Green KY A town or city?
Located 60 miles north of Nashville and 110 miles south of Louisville on Interstate 65, Bowling Green is the third most populous city in the state of Kentucky after Louisville and Lexington.
Is Bowling Green urban or suburban?
Bowling Green (Kentucky, Cities, USA) – Population Statistics, Charts, Map, Location, Weather and Web Information.
Is Bowling Green KY A town or city?
Located 60 miles north of Nashville and 110 miles south of Louisville on Interstate 65, Bowling Green is the third most populous city in the state of Kentucky after Louisville and Lexington.
Is Bowling Green a small town? The third largest city in Kentucky, Bowling Green combines the convenience and community of a small town with the culture and innovation found in big cities.
Is Bowling Green a town?
Bowling Green is a small college town in northwestern Ohio, about 30 mi (48 km) south of the Michigan border. Surrounded by flat farmland, Bowling Green is known for its public university, Bowling Green State University (BGSU), and the national tractor pull event.
Is Bowling Green urban or rural?
Nestled in rural Ohio, Bowling Green is the county seat and largest city in Wood County.
