Ever wondered about the key facts of the manufacturing industry? For instance, did you know that it’s one of the most innovative on Earth and that it’s a hugely significant employer? We delve into these, and other important facts below.
Manufacturing is a key economic contributor
To provide a snapshot of how significant it is, let’s look at the fourth quarter of 2022. The US manufacturing industry contributed almost $3 trillion dollars of value-added output to the US economy That’s more than 11% of the total. Remarkably, the US manufacturing industry is the eighth largest economy in the world, greater than that of all of Italy.
Manufacturing is one of the most innovative industries on Earth
Driven by a need to constantly improve the product, the manufacturing industry is one of the most innovative on the planet. This means that even proven technologies are constantly upgraded.
Take plasma polymer composite. These are improved upon all the time and the newest generation of these are more durable than ever before, making them perfect for surface coatings as seen here: www.poeton.co.uk/advanced-treatments/apticote-810-plasma-polymer-composite.
Manufacturing is a mass employer
In the US, manufacturing provides almost 13 million people with employment. The average salary for a person employed in the sector is almost $100K, if we include benefits, and over 90% of manufacturing employees are eligible for healthcare benefits.
Energy consumption is high
The US manufacturing industry consumes one-third of all energy consumed in the country.
Most manufacturing companies are small
Most manufacturing companies are quite small, with fewer than 500 employees. In fact, more than three-quarters of all manufacturing companies in the US have fewer than 20 employees.
The future is bright
It’s predicted that by 2030 the US will require four million people to work in the sector. It’s also predicted that almost half of these positions will remain unfilled, as people seek other modes of employment.
Although it is often overlooked when compared to some of the more exciting industries, such as medicine, media, or tech, manufacturing continues to be an important economic backbone for the country.
