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. Literally all the things we use and abuse are all because of the industry of manufacturing, including computers, phones, paper, clothes, among others. 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 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. 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. To put it in simple terms, millions of Americans work in factories and plants to earn a living.
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. 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 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.