Things To Know About America’s Manufacturing Industry
Of all the kinds of industries we see today, manufacturing is one of the few indispensable ones. You may not be that attentive to it, but the fact is without manufacturing, there’s no way we get to use all the things that make life convenient for us every single day. Everything we lay our hands on, including simple things like clothing, paper, and tools, to the more advanced ones like laptops and mobile phones, won’t exist without first getting manufactured. The industry for its part has benefited so much from technology and the continuous search for innovation.
When it comes to manufacturing, there’s no doubt that the U.S. leads the rest of the world in terms of scale and progress. Perhaps the more interesting fact is that this country’s manufacturing industry is so huge that it always has an effect to the manufacturing industries of the rest of the world.
Anyhow, let’s move on and talk more about some interesting facts about this critical sector of America’s economy.
1 – You probably don’t know that about 12% of the U.S. gross domestic product is covered by the country’s manufacturing industry. Having learned this fact, it’s safe to say the manufacturing indeed is the foundation of the country’s economic productivity.
2 – As of late, about 10% of the U.S. workforce find themselves working under the umbrella of the manufacturing sector. In other words, about 15 million American workers rely on the different segments of manufacturing to earn their living.
3 – Quite interestingly, if this sector is to be separated into an independent economy, it could be ranked as eight largest economy in the world based on gross domestic product.
4 – Every time a manufacturing project or job is opened, it normally leads to the creation of new jobs in the local service businesses linked to it. This kind of effect is not surprising considering the high demand for labor in this particular sector.
5 – Manufacturing is also the leader in all of the economic sectors in America in terms of the use of renewable energy. As a matter of fact, it alone makes better use of renewable energy than the transportation, commercial, and residential sectors combined.
6 – Another remarkable fact about the sector of manufacturing in the U.S. is that it is a big spender in research and development. The most obvious reason for the investment is because the sector in its entirety wants to be as progressing and constantly evolving as possible.
By learning all those facts, you now can easily come to the conclusion that the manufacturing industry is on track to becoming the most important and vital sector of the entire U.S. economy in the near future.
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