Manufacturing around the world is the backbone of a healthy economy — especially in target markets of North America: the United States, Canada and Mexico. Manufacturing gives a country, state, region — even a locality — it's competitive advantage. Manufacturing is where business innovation lives. We can't say it enough.
Here are 15 facts that you simply cannot ignore about the U.S. manufacturing industry — they bear repeating at the beginning of every new year. Thanks to Industry Week for sharing this infographic.
For 2018, I look forward to updates from the National Association of Manufacturers, the Bureau of Labor Statistics and other sources reporting on growth strategy for manufacturers and manufacturing statistical updates.
15 facts you cannot ignore about the U.S. manufacturing industry
1. MONEY TALKS — Manufacturers have contributed nearly a trillion dollars more to the U.S. economy over and above 2009 figures.
2. JOBS MATTER — Manufacturing continues to be one of the largest non-governmental economic sectors, nearly three times that of agriculture, for example.
3. IT MULTIPLES — For every $1.00 spent in manufacturing, $1.40 is added to the economy. It's the highest multiplier effect of any sector.
4. IT'S HUGE — If U.S. manufacturing was its own economy, its value would place it as the 9th largest in the world.
5. IT'S SMALL — Most manufacturers are small companies. 99% have less than 500 employees and 75% have less than 20.
6. WORKERS COUNT — The 12 million-plus manufacturing workers account for about 9% of the total U.S. workforce.
7. PAYS GREAT — The average manufacturing workers makes nearly 20 times the U.S. average per hour.
8. OPPORTUNITIES ABOUND — Over the next 10 years, U.S. manufacturers will increase employment and even more skilled workers will be needed.
9. HEALTHY BENEFITS — Nearly all of manufacturing workers have access to company health insurance benefits, well above the national average.
10. ENERGY CONSUMED — Manufacturers consume over 30% of America's energy.
11. OUTPUT IMPROVES — Real output of the U.S. manufacturing industry is higher than ever before.
12. PRODUCTIVITY GROWS — Manufacturers have increased productivity by 2.5 times since 1987.
13. INNOVATION DRIVEN — Over 75% of all private sector R&D is driven by manufacturers.
14. ORDERS RISING — Orders are up for durable goods (those that aren't purchase frequently such as appliances) and capital goods (those items purchase in the production of other goods such as component parts and raw materials).
15. BUSINESS EXPANDS — Manufacturers count on their receivables to improve cash flow and grow their businesses.
Originally published January 4, 2018; check back for updates!
