For some of 2010 to present, but likely more so during the previous decade that began the new millennium, people probably encountered more bad news than good concerning American manufacturing. However, most recently, there have been reports of an upswing in the growth of manufacturing in the United States. This blog is happy to report that there is good news regarding the status of manufacturing growth in America. The following lists several positive reports and news regarding where U.S. manufacturing currently stands now, and its outlook for manufacturing growth for our country’s future:
In 2013, United States manufacturers contributed over two trillion dollars to the American economy, a significant increase from 2012. This economic contribution in 2013 made up close to thirteen percent of U.S. Gross Domestic Product (GDP). Another significant increase related to United States manufacturing is the continued uptick in job availability and hiring, as an estimated seventeen and a half million jobs in American are supported by our nation’s manufacturing, which translates to about one in six private sector jobs. This figure also continues to increase, and has been up every year since 2007. In addition, more than twelve million American citizens, which is equivalent to nearly ten percent of the entire U.S. workforce, are employed directly by manufacturing jobs in this country.
Another inclination of the positive growth of United States manufacturing is the increase of worker wages. In 2013, the average manufacturing worker in the United States earned just below seventy-eight thousand dollars annually, including both pay and benefits. When including all American industries, the average U.S. worker just over sixty-two thousand dollars a year. That is roughly a sixteen thousand dollar difference in wage provisions. In 2012, the difference in wage comparison when analyzing American manufacturing job wages was less than fourteen thousand dollars.
Recently conducted polls, research, and surveys conclude that American manufacturers are increasingly becoming the most productive in the world, and beginning to surpass the worker productivity of any other country with a major manufacturing economy. The figures that support the evidence to this case have increased each year in the current decade. In addition, these figures have a direct effect on the reason American manufacturing is quickly becoming the leader in the provisioning of increased wages and improved living standards when compared to other countries.
American manufacturers now perform more than two-thirds of all private sector research and development in the United States. This means that American manufacturers are driving more innovation than any other sector in the country, and these figures have grown more disproportionate over the last few years.
When measured as a standalone, U.S. manufacturing would stand as the eighth largest economy in the world. If taking into account economies of scale, this is an overwhelmingly staggering statistic. This impressive statistic becomes more fascinating when understanding that, only a couple of years ago, American manufacturing would not have been found in the top fifteen.