Obama highlights manufacturing progress in speech

Obama wants to cut the top corporate tax rate from 35 percent to 28 percent, with a special 25 percent rate for manufacturing.

President Barack Obama recently cited the positive economic news that came from the jobs report for February, as he noted that the American economy is getting back on track during a speech at a Rolls Royce plant in Virginia, The Associated Press reported.

According to the news outlet, Obama noted that there is still a significant amount of work to do, but praised the generation of manufacturing jobs across the country. He cited this as evidence for the resurgence of the industry in the U.S.

The AP reported that the President outlined ways of pairing factory output with university research in a bid to bring jobs back to the U.S. and help companies innovate through a new business strategy. Obama traveled to Virginia to highlight a new proposal that would create a series of regional institutes that would help manufacturers spur new products and jobs.

He noted that the kind of manufacturing he saw there "gives me confidence that better days are coming."

Obama has continually highlighted the U.S. economy's addition of 429,000 manufacturing jobs during the past two years, and the President has spoken to the declining unemployment rates and improved fortunes in the sector throughout his travels around the country.

A release from the White House prior to his speech in Virginia outlined how the President would continue to highlight the successful trend of insourcing, as both domestic companies and businesses from abroad are bringing manufacturing jobs back to the U.S.

According to the release, the President's new manufacturing push is centered around the idea of creating a "smart manufacturing" infrastructure and approaches that lets operators make real-time use of "big data" flows from fully-instrumented plants in order to improve productivity, optimize supply chains and improve energy, water, and materials use.

While Obama has looked to jumpstart initiatives in order to support the resurgence of American manufacturing, his administration has also outlined how an $18-billion-a-year deduction for U.S. manufacturers is a cornerstone of his plan to revamp corporate taxes in the country, Reuters reported.

According to the news outlet, Obama wants to cut the top corporate tax rate from 35 percent to 28 percent, with a special 25 percent rate for manufacturing. He also hopes to double the deduction for "advanced" manufacturing.