For much of this current decade, and even in the previous decade, you have probably endured more bad news than good news regarding manufacturing, and its status in the United States. This blog is to inform you that there is now much good news to report regarding the status of manufacturing in the United States. The following proclaims positive reports concerning where manufacturing stands now, and its outlook moving toward the future.
- During the past year (2013), United States manufacturers contributed $2.08 trillion to the economy, up from $2.03 trillion in 2012. This economic contribution made up nearly thirteen percent of Gross Domestic Product (GDP). What this stout economic figure means is that for every one dollar spent in manufacturing, another $1.32 is added to the economy. This most excellent GDP estimate accounts for the single highest multiplier effect of any economic sector in the United States.
- United States manufacturing supports an estimated seventeen and a half million jobs, which translates to about one in six private sector jobs. In addition, more than twelve million Americans (equal to about nine percent of the workforce) are employed directly in manufacturing jobs in this country.
- This past year, the average manufacturing worker in the United States earned close to seventy-eight thousand dollars annually, which includes both pay and benefits. However, the average worker when including all industries earned slightly over sixty-two thousand dollars a year. Manufacturing jobs earned more than fifteen thousand dollars annually in 2012 when compared to all industry type jobs.
- Recently conducted polls, research, and surveys conclude that manufacturers in the United States are becoming the most productive in the world, far surpassing the worker productivity of any other country that has a major manufacturing economy. This has a direct effect on why United States manufacturing is the leader in the provisioning of higher wages and living standards.
- Manufacturers in the United States perform two-thirds of all private sector research and Development in the country. This means that Unites States Manufacturers are driving more innovation than any other sector in the nation, and these figures continue to grow disproportionate.
- If measured by itself, manufacturing in the United States would be the eighth largest economy in the world, which, when taking into account economies of scale, is an overwhelmingly impressive and staggering statistic.
There are many more positive prospects concerning the present, as well as future outlook for United States manufacturing, but those of us at Jessup Manufacturing wanted to point out the most prominent details regarding the sharp improvement involving manufacturing in the United States. It is the hope of Jessup Manufacturing that, when looking at these good news statistics, more people will want to investigate a career in United States manufacturing to help further grow this wonderful and beneficial industry, and continue to make it the best manufacturing business and trade in the entire world.