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Manufacturing pillars support U.S. economy
Industrial Networking, ControlGlobal.com
- Manufacturing made the highest contribution (15%) to real Gross Domestic Product (GDP) growth of all sectors between 2001 and today.
- Manufacturing is the engine of American technology development and innovation, responsible for more than 70% of private sector R&D.
- Manufacturing’s high productivity rate, which determines real wage and benefit compensation, increased by more than 50% over the past decade and was far higher than for services.
- Manufactured goods make up more than 60% of U.S. exports, helping to pay for U.S. imports. While agricultural exports amount to about $50 billion a year, manufacturers export that much each month.
- Manufacturing wages and benefits are approximately 25% higher than in non-manufacturing jobs.
- Manufacturing has a greater multiplier effect on the rest of the economy than does any other sector; each manufacturing dollar generates an additional $1.37 in economic activity.
From the National Association of Manufacturers ’ The Facts About Modern Manufacturing, 7th Edition.
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