Things To Know About America’s Manufacturing Industry
Manufacturing is one type of industry that needs to exist in every single country in this world. The fact is that every single item, product, or thing has to be manufactured first before we can use them. From simple stuff like pen and paper to more complex things like computer and machines, all of them wouldn’t be with us with first getting invented and manufactured. The industry for its part has benefited so much from technology and the continuous search for innovation.
With regards to being the biggest and most important manufacturing industry in the world, there is very little doubt that the U.S. owns this distinction. 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 – Did you know that the American manufacturing industry accounts for a little over 12% of the country’s gross domestic product? With this in mind, there is very little doubt that it is a major component of economic prosperity of this nation.
2 – About 10-11% of the American labor force is employed in the manufacturing sector. In other words, about 15 million American workers rely on the different segments of manufacturing to earn their living.
3 – A very interesting thought is that if this sector was to be made a separate economy, it would be the eight largest in the world if the basis is gross domestic product.
4 – Whenever a new manufacturing job is opened, it corresponds to the opening of new opportunities as well to the local service businesses associated or linked to that new facility. There is some kind of domino effect, but in a rather positive way.
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 – Aside from the commitment to the use of sustainable energy sources, manufacturing is also a big contributor in both research and development. The reason for this is because the sector is pretty much a constantly evolving one that needs all the advancements and innovations it can get in order to keep up with other industries.
With all those facts in mind, it wouldn’t be that hard to predict that in the not so distant future, the manufacturing industry is poised to become the country’s most important and indispensable sector, which in many ways, could dictate the fate of the entire nation, at least economically speaking.