US retailer Walmart has announced it will buy an additional $50 billion in US-made products over the next ten years, which the company expects will inject $70 million into factory growth and create more than 1,000 domestic jobs. Walmart made the announcement at the Walmart US Manufacturing Summit held this week in Orlando to advance American renewal in manufacturing.
The summit brought together representatives from across industries – including 500 supplier companies, 32 state governments, major retail industry leaders and other retailers. Governors and state officials had the opportunity to speak directly with hundreds of manufacturers who are ready to create jobs in their local communities, and supplier companies were provided opportunities to present potential projects and learn about the resources available in different states.
“Jump-starting the manufacturing industry and rebuilding the middle class requires a national effort by companies, industry leaders, lawmakers and others, Together, we can help spark a revitalization of US-based manufacturing, using new technology and new innovations to make production in the United States affordable and feasible,” says Bill Simon, president and CEO of Walmart US.
“This summit is testament to the importance the retail industry plays in America. By leveraging our resources and applying our expertise, we can help re-build American manufacturing, create new jobs and opportunities, and spur economic growth across the country,” says Matthew Shay, president and CEO, National Retail Federation.
“Domestic sourcing creates good paying careers for American workers who will spend more in our stores, benefiting retailers large and small. By bringing together retailers, suppliers, manufacturers and key government officials, we can jointly identify areas of opportunity that will help to drive a renewal of American manufacturing. It’s already happening, and we’re proud to be a part of it,” adds Shay.