Manufacturing is one of the country’s most vital sectors. It’s responsible for producing goods that are sold to consumers and other businesses. Without manufacturing, we wouldn’t have a stable, healthy economic. But while most people are familiar with the general concept of manufacturing, there are probably somethings about the U.S. manufacturing industry that you didn’t know.
#1) IBM Is the Country’s Top Manufacturer
By revenue, IBM is the country’s top manufacturer. Also known as Big Blue, it’s one of just 30 companies listed on the Dow Jones Industrial Average. As of 2018, IBM employs more than 380,000 workers. And while it operates in multiple countries, its headquarters remains located in New York, thereby helping the country’s manufacturing industry grow.
#2) Manufacturing Offers 189% ROI to the Economy
According to the National Association of Manufacturers (NAM), manufacturing offers a 189% return on investment (ROI) to the U.S. economy. What does this mean exactly? Basically, for every $1 spent on manufacturing activities, it adds $1.89 to the country’s economy. When manufacturers produce goods, it stimulates the economy.
#3) $2 Trillion Output
American manufacturers produce a lot of products. As of 2018, the United States is the world’s second largest manufacturer, surpassed only by China. Each year, U.S. manufacturers produce about $2 trillion in goods — a number that’s expected to increase in the following months and years.
#4) Petroleum and Steel are Leading Manufacturing Exports
The U.S. manufacturing industry is responsible for producing a variety of goods. Among its top exports, however, are petroleum and steel. The United States had been a leader of these two commodities for decades. And in that time, little has changed regarding its dominance in the market. U.S. manufacturers continue to produce and sell petroleum and steel, helping to fuel the country’s economy.
#5) $27 Per Hour Average Wage
American manufacturing workers get paid pretty well. According to data published by the U.S. Bureau of Labor Statistics (BLS), manufacturing workers get paid an average of $27.01 per hour, with an average workweek consisting of 40.9 hours. To put that number into perspective, the average hourly wage for U.S. workers across all industries is about $22.65$. So, as you can see, manufacturing workers get paid pretty well.
#6) Low Unemployment Rate
It’s also worth mentioning that the U.S. manufacturing industry has a relatively low unemployment rate when compared to other industries. According to the BLS, the average unemployment rate across all industries in the United States is about 4.2%. In comparison, the manufacturing industry has an unemployment rate of about 3.1%.