Oct. 7 – National Manufacturing Day
Manufacturing plays a big part in our lives. Almost everything we use everyday is manufactured. A recent article by the National Association of Manufacturers (NAM) recaps today’s growth and impact by U.S. Manufacturers.
Here are some Quick Facts:
- In the most recent data, manufacturers contributed $2.17 trillion to the U.S. economy in 2015. This figure has risen since the second quarter of 2009, when manufacturers contributed $1.70 trillion. Over that same time frame, value-added output from durable goods manufacturing grew from $0.87 trillion to $1.18 trillion, with nondurable goods output up from $0.85 trillion to $0.99 trillion. In 2015, manufacturing accounted for 12.1 percent of gross domestic product in the economy. (Source: Bureau of Economic Analysis.)
- Over the next decade, nearly 3½ million manufacturing jobs will likely be needed, and 2 million are expected to go unfilled due to the skills gap. Moreover, according to a recent report, 80 percent of manufacturers report a moderate or serious shortage of qualified applicants for skilled and highly-skilled production positions. (Source: Deloitte and the Manufacturing Institute.)
- Exports support higher-paying jobs for an increasingly educated and diverse workforce. Jobs supported by exports pay, on average, 18 percent more than other jobs. Employees in the “most trade-intensive industries” earn an average compensation of nearly $94,000, or more than 56 percent more than those in manufacturing companies that were less engaged in trade. (Source: MAPI Foundation, using data from the Bureau of Economic Analysis.)
- Over the past 25 years, U.S.-manufactured goods exports have quadrupled. In 1990, for example, U.S. manufacturers exported $329.5 billion in goods. By 2000, that number had more than doubled to $708.0 billion. In 2014, it reached an all-time high, for the fifth consecutive year, of $1.403 trillion, despite slowing global growth. With that said, a number of economic headwinds have dampened export demand since then, with U.S.-manufactured goods exports down 6.1 percent in 2015 to $1.317 trillion. (Source: U.S. Commerce Department.)
Use Permission Granted by NAM, 2016