Saturday, May 31, 2014

Is the US Textile Industry on Course for Revival?

USA Today published an article in February of 2014 where it talked about the revival of the US textile industry. It says that businesses are trending upward in the Southern States of America such as Georgia, Tennessee, Louisiana, Virginia, North Carolina and South Carolina. This news may come as a surprise to many people, and they might ask why we are talking about revival. Was the US textile industry dead earlier? The answer is if it wasn’t dead, the industry was definitely reeling.

The days of glory of the US textile industry faded off during the 1990s and 2000s when the production dropped substantially. Adding to the woes, downsizing of over 200,000 took place due to automation. The turnaround of this industry started recently in 2012, when the industry generated $54 billion as revenues, and employed approximately 233,000 workers. Subsequently, in 2013 companies from various countries such as Canada, China, India, Great Britain and Korea announced the opening of factories.

Some positive trending that has been observed in the following areas:

Cotton Industry
In the cotton textile industry, China is emerging as the dominant nation. According to the case study published in the May/June 2013 issue of Journal of Business Case Studies, by 2015, China will be importing 47% of the world's cotton production. The United States is now third in terms of the total cotton production in the world. It’s currently the leading exporter of cotton.
The US cotton industry is thriving because of the following reasons:
  • Increasing consumer interest in cotton consumption that is leading to more production.
  • Influence of international trade on the US Textile industry and its contribution to the economy.
  • Impact of innovative technology that is accelerating cotton manufacturing.

Home Textile
This is another area that is thriving in recent times. Home Textiles industry is going through an exciting phase as new styles, colors and textures are invented frequently. It has created an encouraging trend in the world of fashion and apparel. Designers are experimenting in bold colors and prints to have a mass appeal. Also, the affordability and quality of these products have also gone up a few notches.  

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