While it’s true that the number of jobs in the United States’ manufacturing sector fell in recent years, manufacturing still plays a crucial role in the country’s workforce, gross domestic product, exports, and other economic factors. In fact, today’s manufacturing companies make more products than they have in decades. Even though the manufacturing sector struggled to add jobs during the economic challenges of the early 2000s, productivity has increased dramatically. This improved productivity makes the United States one of the world’s top manufacturers.
Things may change in the near future. With some luck, the manufacturing sector will benefit the country even more. It’s estimated that manufacturing companies will need 3.5 million more workers over the next decade. That’s especially good news when you consider that manufacturing workers earn higher than average wages, and over 10 percent of them are eligible for health insurance. Besides, the service industry relies on manufactured goods. Without products to sell, the service industry would flounder quickly.
Manufacturing is also important to the economy on a macro level. Every dollar spent on manufacturing adds $1.40 to the country’s economy. Many policy analysts want the United States to invest more in domestic manufacturing, because doing so is one of the most effective ways to build a more robust economy.
If these facts are surprising to you, you can learn more about the role manufacturing plays in the U.S. economy by checking out this infographic. It offers some enlightening data that may change the way you think about the future of manufacturing in the United States.