Market Perceptions of Manufacturing: A Regional Exploration of Capital Availability in the United States

  • Ronald V. Kalafsky University of Tennessee
  • William W. Graves University of North Carolina at Charlotte
Keywords: Manufacturing, Capital, Investment


The manufacturing sector is in a unique situation. Its overall employment numbers have been reduced and yet it remains an important component of the United States economy, with increased value-added per worker and by individual firms. Many existing manufacturers have moved toward the production of increasingly sophisticated products that in turn, entail high-end production processes. This necessitates firm-level investments on a relatively large scale. Problematically, many manufacturers cannot obtain capital with the relative ease seen in other industries, particularly various types of services or information technologies. This paper will examine the secondary sector’s position with respect to equity markets. It will look at the national situation and will also seek to identify whether there are regional variations in spatial capital flows. This analysis will also take place in the context of its implications for manufacturers and their sustained viability.


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