What You Need To Know About the U.S. Manufacturing Industry
Manufacturing is one type of industry that needs to exist in every single country in this world. Well, there’s no denying the fact that all physical things we use to make our lives more convenient has to be manufactured somewhere, right? 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. In turn, this industry is benefitting a lot from technology and constant flow of innovation.
And when the talk is about the biggest manufacturing industry in the world by country, the United States is certainly on top. 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 – 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 – As of late, about 10% of the U.S. workforce find themselves working under the umbrella of 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 – Manufacturing is also the leader in all of the economic sectors in America in terms of the use of renewable energy. What’s even more interesting is that it even uses more renewable energy based on BTUs than the combined use of the residential, commercial, and transportation sectors.
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.
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.
Resource: i was reading this