What You Need To Know About the U.S. Manufacturing Industry
Manufacturing is a kind of industry that exists in every corner of the world. The fact is that every single item, product, or thing has to be manufactured first before we can use them. Everything we lay our hands on, including simple things like clothing, paper, and tools, to the more advanced ones like laptops and mobile phones, won’t exist without first getting manufactured. The industry for its part has benefited so much from technology and the continuous search for innovation.
With regards to being the biggest and most important manufacturing industry in the world, there is very little doubt that the U.S. owns this distinction. And you know what’s more interesting… it’s the fact that this country’s manufacturing industry consistently leaves a lasting imprint among all other manufacturing industries in the world.
Now let’s look at some even more interesting stuff about one of America’s most important economic sectors.
1 – You probably don’t know that about 12% of the U.S. gross domestic product is covered by the country’s manufacturing industry. Taking this into consideration, one can pretty much assume that U.S. manufacturing is an indispensable element of economic productivity.
2 – About 10-11% of the American labor force is employed in the manufacturing sector. In other words, about 15 million American workers rely on the different segments of manufacturing to earn their living.
3 – Quite interestingly, if this sector is to be separated into an independent economy, it could be ranked as eight largest economy in the world based on gross domestic product.
4 – Every time a manufacturing project or job is opened, it normally leads to the creation of new jobs in the local service businesses linked to it. This kind of effect is not surprising considering the high demand for labor in this particular sector.
5 – Quite surprisingly, an active sector like manufacturing actually leads all other economic sectors in terms of its commitment to the use of renewable energy. What’s even more interesting is that it even uses more renewable energy based on BTUs than the combined use of the residential, commercial, and transportation sectors.
6 – And aside from the commitment in using renewable energy, manufacturing also is a major investor in research and development. The primary and most obvious reason why manufacturing invests a lot in research and development is because it sees itself as a consistently evolving sector that needs to keep up with the modern times.
Upon learning all those interesting facts above, there now is very little argument in the premise that it is poised to become the biggest and most important sector in the U.S. economy in the immediate future.
Refer to: check that