The engineering community in the United States is facing rapid offshoring developments, and there is concern about what steps to take in response. Experts are attempting to understand the implications of globalization for the engineering profession and for the future of innovation in the United States. While researchers have found that the United States remains the leader in areas like advanced chip design, they are concerned that this lead could be decreasing. According to the National Academy of Sciences, between 2000 and 2003, foreign-owned firms built about 60,000 manufacturing plants in China. During the same period, 400,000 American information technology (IT) jobs were lost, says a presidential advisory panel. The high-tech industry is being transformed by changes that are fueled mostly by economic issues. Wages and taxes are lower overseas than in the United States, and trade policies and global networks favor offshoring. Speed and complexity are also driving the changes in the high-tech industry, and new models of innovation are emerging. Experts maintain that the United States still has its lead in technology innovation, but they are concerned about what they characterize as 'complacency.' To date, offshore activities complement design activities in the United States, but the long-term impact on the U.S. and on jobs in the country is unclear. The cost of foreign labor is 90 percent less than for American labor in some locations. This can provide American chip manufacturers with a competitive edge.