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. 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. Literally all the things we use and abuse are all because of the industry of manufacturing, including computers, phones, paper, clothes, among others. 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. And you know what’s more interesting… it’s the fact that this country’s manufacturing industry consistently leaves a lasting imprint among 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 probably don’t know that about 12% of the U.S. gross domestic product is covered by the country’s manufacturing industry. 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 – 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 – 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. Well in fact, it uses more renewable energy, as measured in BTUs than the residential, commercial, and transportation sectors all in all.
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 primary and most obvious reason why manufacturing invests a lot in research and development is because it sees itself as a consistently evolving sector that needs to keep up with the modern times.
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.