The United States has one of the strongest manufacturing industries in the world. It’s responsible for producing billions of dollars in goods each year, while creating countless jobs for Americans. Most financial experts will also agree that U.S. manufacturing is directly tied to the economy. When the manufacturing industry grows, so does the economy. Today, we’re going to take a closer look at the U.S. manufacturing industry, revealing some fun and surprising facts.
The US Leads the World in Airplane Manufacturing
According to Wikipedia, the U.S. leads the world in airplane manufacturing, thanks in part to big-name companies like Boeing, Cessna, Lockheed Martin and General Dynamics, all of which operate within the U.S. These companies produce many of the world’s leading civilian and military aircraft, with factories scattered from the east coast to west.
The US Produces 21% of Global Manufacturing Output
No, that’s not a typo. Statistics show that the U.S. produces roughly 21% of the world’s manufacturing output, attesting to its strength. While this output is certainly impressive, it’s remained somewhat unchanged for the last 40 years. So, why isn’t the U.S. manufacturing industry outgrowing the global market? There are dozens of factors that are playing a role in this trend, one of which is the growth of other countries’ manufacturing industries. Nonetheless, the U.S. continues to lead the way in manufacturing output at 21% — far greater than any other single country.
Most US Manufacturing Jobs Come from 3 Sectors
There are dozens of different sectors within the U.S. manufacturing industry, each of which focuses on a specific type of product. However, an overwhelming majority of new jobs created in the country’s manufacturing industry come from one of three sectors: transportation equipment, machinery, and fabricated metal products. According to various reports, 76% of all new U.S. manufacturing jobs are created in these three sectors.
World’s Third-Largest Country
Here’s a fun fact: if the top 500 manufacturing companies in the U.S. joined forces, their total revenue would rank as the world’s third-largest economy. Manufacturing companies are responsible for producing billions of dollars worth in goods — that’s more money than entire countries see in any given year.
These are just a few fun facts about the U.S. manufacturing industry. As the industry grows and expands, it creates new job opportunities for millions of Americans. Hopefully, this will give you a better understanding of its importance in the nation’s economy.No tags for this post.