WASHINGTON, D.C. – In conjunction with President Obama’s State of the Union address last night, the Motor & Equipment Manufacturers Association (MEMA) has called upon the administration and lawmakers alike to act to strengthen U.S. manufacturing and promote a competitive domestic motor vehicle parts supplier sector.
“Motor vehicle parts manufacturers directly employ nearly 686,000 people across the country. This direct employment, in turn, contributes to 3.29 million jobs from coast to coast,” said Bob McKenna, MEMA’s president and CEO. “Because of this industry’s size and scope, the nation will not see a healthy vehicle manufacturing sector nor a full national economic recovery until motor vehicle parts suppliers see consistent access to credit restored and pathways to technology development opened.”
McKenna added that lawmakers across the country should be very concerned about further job loss in the parts manufacturing sector. In 2009, parts manufacturers witnessed more than 50 reported bankruptcies and an estimated 200 liquidations in the industry. He also cited a Bureau of Labor Statistics report that warned that the sector could lose an additional 100,000 jobs over the next 10 years.
MEMA is calling upon Congress and the administration to:
· Help assure sufficient capital for restructuring, consolidating and diversification,
· Create technology funding programs that support long-term product and manufacturing technology innovation, and
· Pass legislation to expand the lending capacity of the SBA 7(a) program to $5 million.
“Manufacturing jobs are truly the foundation of this economy,” McKenna stated. “Parts manufacturers provide valuable jobs that support workers and communities across the country. Our message to the Administration and Congress is clear: Work with us to create a manufacturing strategy and assure that there is a competitive domestic parts supply base that will help produce safer, more fuel efficient vehicles and contribute to a strong national economy.”
For more information on the motor vehicle parts supplier industry, visit: www.mema.org.
