The manufacturing industry is one of the many high-risk industries around the world, including North America. Do you keep up with the latest in the manufacturing industry?
Did you know…
- U.S. manufacturing is the largest in the world; it produces 18.2% of the world’s goods
- Manufacturing is an essential component of America’s gross domestic product; accounting for $2.33 trillion in 2018
- The United States has 12.75 million manufacturing jobs, according to the Bureau of Labor Statistics, employing 8.5% of the workforce
- Manufacturing jobs pay 12% more than all others
- In 2017, workers in the manufacturing industry earned an average of $84,832 per worker; that’s $40.79 per hour
- 89% of manufacturers are leaving jobs as they are feeling unfulfilling; they can’t find qualified applicants, according to a 2018 Deloitte Institute report
- The skills gap in the manufacturing industry could leave 2.4 million vacant between 2018 and 2028; this could cost the industry $454 billion in 2028
- Manufacturing used to be a larger component of the U.S. economy; in 1970, it was 24.3% of GDP, double what it was in 2018
- U.S. manufacturing costs 20% higher than those in Mexico, according to the Manufacturing Institute
- 37% of manufacturers would prefer to locate in the United States; that’s equal to those that would prefer Mexico
- In the most recent data, manufacturers contributed $2.33 trillion to the U.S. economy in the first quarter of 2018
- For every $1.00 spent in manufacturing, another $1.89 is added to the economy
- The vast majority of manufacturing firms in the United States are quite small
- Almost two-thirds of manufacturers are organised as pass-through entities
- There are currently 12.75 million manufacturing workers in the United States, accounting for 8.6% of the workforce
- In 2017, the average manufacturing worker in the United States earned $84,832 annually, including pay and benefits
- Manufacturers have one of the highest percentages of workers who are eligible for health benefits provided by their employer
- Manufacturers have experienced tremendous growth over the past couple decades, making them more “lean” and helping them become more competitive globally
- 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
- Exports support higher-paying jobs for an increasingly educated and diverse workforce
- Over the past 25 years, U.S.-manufactured goods exports have quadrupled
- Manufactured goods exports have grown substantially to our largest trading partners since 1990, including to Canada, Mexico and even China
- Nearly half of all manufactured goods exports went to nations that the U.S. has free trade agreements (FTAs) with
- World trade in manufactured goods has more than doubled between 2000 and 2014—from $4.8 trillion to $12.2 trillion
- Taken alone, manufacturing in the United States would be the ninth-largest economy in the world
- Foreign direct investment in manufacturing exceeded $1.6 trillion for the first time ever in 2017
- U.S. affiliates of foreign multi-national enterprises employ more than 2 million manufacturing workers in the United States, or almost one-sixth of total employment in the sector.
- Manufacturers in the United States perform more than three-quarters of all private-sector research and development (R&D) in the nation, driving more innovation than any other sector
- Manufacturers consume more than 30% of the nation’s energy consumption
- The cost of federal regulations fall disproportionately on manufacturers, particularly those that are smaller
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