This week President Obama announced a new public-private manufacturing institute in North Carolina.
The hub will develop next-generation power electronics including energy-efficient, high-power electronic chips and devices for motors, consumer electronics and other devices. North Carolina State University is leading the initiative along with 18 businesses and six universities.
Since the end of the recession, the manufacturing sector has grown at its fastest pace in more than a decade. More than half a million jobs have been added in the past four years, including the addition of about 80,000 jobs in the past five months.
“Manufacturing is a bright spot in this economy. This can be a breakthrough year for America,” said Obama. “The pieces are all there to start bringing back more of the jobs that we’ve lost over the past decade.”
Two more innovation hubs will be announced in the coming weeks. One focusing on digital design and the other on lightweight metals.
The program is being funded by $200 million in existing federal money.
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