How the USA’s economic future is evolving...

Date Published: 14/09/2023 10:58

The United State of America has long been recognised as a global economic powerhouse. But its economy is evolving as ‘high-tech’ comes to the fore. Future Life Wealth Management's Emma Baumback has been researching what's currently unfolding to garner the best understanding of what might rest in store…

THE United States of America is the third most populated country in the world after India and China, with a population of 330 million.

But Americans aren’t evenly spread across the land mass.

Indeed, around 105 million Americans are squashed into the 275,000 square miles along the East and West coasts.

The remaining 225 million people are scattered around the 3.4 million square miles that remain in between.

That large, grey, empty middle part of the US is sometimes called “flyover country”, based on the idea that you fly over them on your way to somewhere more interesting on the other coast.

The offshoring of manufacturing caused a steady drain of people away from their home states in flyover country and towards the coasts over the last fifty years.

Of course, if there aren’t any jobs, you don’t stick around.

But the US government is now aiming to reverse that trend.

While catchy slogans on hats dominate the headlines, it’s more important to follow the money.

There’s been about $500 billion of private investment into high-tech industries in the US announced in the last couple of years.

Nearly half is aimed at semi-conductors, with much of the rest aimed at clean energy, battery technology, biomanufacturing and heavy industry.

To read an excellent article on this topic – including a map of what’s happening in the USA - click HERE.

These investments might suggest that the era of coastal dominance might be over.

Today, Utah and Idaho aren’t semiconductor-making hotspots, Indiana isn’t a biomanufacturing hub, and Texas certainly isn’t known for its clean energy.

But give it a decade – or more – and that might be very different.

To speak to Emma or another member of the Future Life Wealth Management team ring the office on 01246 435996.

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