President Barack Obama traveled to a manufacturing plant run by aircraft engine maker Rolls-Royce in Prince George, VA. on Friday, which outlined a new proposal to create a series of regional institutes to help manufacture new products and jobs. The goal of the president’s proposal is to pair output with university research to bring jobs to the nation and help companies innovate. The president presented his proposal hours after the government issued its February jobs report, the latest barometer of the economy. Employers created 227,000 jobs in February, albeit the unemployment rate remained unchanged at 8.3 percent, the report showed. The Labor Department reported February as the third straight month of job gains with over 200,000. Revisions of previous reports showed December and January with stronger gains. The jobs report could benefit President Obama’s case in economic policies.
During his trip to Virginia, Obama spelled out a $1 billion plan to create a network of up to 15 regional institutes to create teaming among private industry, universities and community colleges, and government to foster innovation. Obama also announced a $45 million pilot program that would illustrate the type of potential collaboration among academia and industry. The site at Rolls-Royce and the proposed project is an example of what President Obama aims to accomplish. Obama has also supported a number of initiatives focused on manufacturers and the return of jobs to the United States, including the elimination of tax incentive, which cause companies to ship jobs overseas. The state of Virginia will reportedly be a major battleground in the presidential election later this year.
