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Ford CEO Jim Farley says skilled labor shortage holds back 'made in America' ambitions
Yahoo Financeยท 2025-09-30 20:26
Core Insights - Ford CEO Jim Farley expresses optimism regarding President Trump's push for increased US-made products, but highlights potential challenges due to a lack of skilled workers to meet rising demand [1][3] - The essential economy, which includes critical industries such as construction, utilities, and transportation, is facing significant worker shortages as older employees retire and younger generations find certain jobs unappealing [5][6] Industry Overview - The essential economy contributes $12 trillion to the GDP, supports 95 million jobs, and encompasses 3 million businesses [4] - A survey indicates that 17.4% of manufacturing companies report worker shortages, with projections suggesting a need to fill 3.8 million manufacturing jobs over the next decade [6][8] Company Initiatives - Ford is investing over $5 million in workforce development through 2026, focusing on establishing 15 Ford Future Builders Labs in Michigan and Tennessee to provide hands-on learning for K-12 students [7] - The company plans to collaborate with SkillsUSA to enhance advanced manufacturing and automotive programs for high school students [7]