What You Need To Know About the U.S. Manufacturing Industry
Of all the kinds of industries we see today, manufacturing is one of the few indispensable ones. The fact is that every single item, product, or thing has to be manufactured first before we can use them. 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. And what’s actually more interesting is that the way this country manages its manufacturing industry is in a way leaving a lasting effect to all other manufacturing industries in the world.
Anyhow, let’s move on and talk more about some interesting facts about this critical sector of America’s economy.
1 – You definitely should give manufacturing a tap on the back as it accounts for roughly 12% of this country’s gross domestic product. Taking this into consideration, one can pretty much assume that U.S. manufacturing is an indispensable element of economic productivity.
2 – About 10-11% of the American labor force is employed in the manufacturing sector. Simply put, there are almost 15 million workers that get their livelihood on the various branches of manufacturing all over the country.
3 – If this particular sector was to be made a separate economy, it would be the eight largest in the world per 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 – Though it sound very unlikely, the manufacturing sector is actually the leader in terms of its dedication and commitment to promoting 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 – Aside from the commitment to the use of sustainable energy sources, manufacturing is also a big contributor in both 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.
Upon learning all those interesting facts above, there now is very little argument in the premise that it is poised to become the biggest and most important sector in the U.S. economy in the immediate future.