Even as we engage and respond forcefully to the crisis unfolding in Ukraine, we are focused on the crucial work of advancing economic progress at home. Today, we received news confirming the strength and resilience of the American economy: GDP increased 7 percent in the fourth quarter of 2021 and the four-week average of weekly unemployment claims fell. A year ago, President Biden signed Executive Order 14017 on America’s Supply Chains, launching a historic year of action and progress to strengthen the resilience, security, and sustainability of America’s supply chains. These actions are contributing to a historic recovery in American manufacturing and industrial strength, helping to rebuild our supply chains here at home and make more here in America.
As the President has said: we have more work to do, to bring back manufacturing to the United States, to make things more affordable for consumers, and to strengthen the resilience of our supply chains. But we are making critical progress. The six industrial base reports released today are an important milestone, laying a strong foundation upon which we can rebuild America’s global leadership in technological development and manufacturing, and create new jobs and new businesses in communities across America.
To secure America’s supply chains and ensure the United States remains the most productive and innovative nation in the world, President Biden is urging Congress to pass a final version of comprehensive competitiveness legislation, building on USICA and the COMPETES Act.