The outlook on the manufacturing sector continues to be positive as the Bureau of Labor and Statistics has reported that manufacturing’s unemployment rate remains at under 4% and maintains over 300,000+ job openings every month since April 2014. The National Association of Manufacturers (NAM), an organization dedicated to the advocacy of manufacturing in the U.S., has compiled a list of 20 facts about manufacturing and its impact in the economy. Here are the top 5 facts from their list that highlights manufacturing’s contribution to the U.S. in revenue and employment:
- In the most recent data, manufacturers contributed $2.18 trillion to the U.S. economy in 2016. This figure has risen since the second quarter of 2009, when manufacturers contributed $1.70 trillion. Over that same time frame, value-added output from durable goods manufacturing grew from $0.87 trillion to $1.20 trillion, with nondurable goods output up from $0.85 trillion to $1.00 trillion. In 2016, manufacturing accounted for 11.7 percent of GDP in the economy. (Source: Bureau of Economic Analysis)
- There are 12.3 million manufacturing workers in the United States, accounting for 9 percent of the workforce. Since the end of the Great Recession, manufacturers have hired more than 800,000 workers. There are 7.7 million and 4.6 million workers in durable and nondurable goods manufacturing, respectively. (Source: Bureau of Labor Statistics)
- In 2015, the average manufacturing worker in the United States earned $81,289 annually, including pay and benefits. The average worker in all nonfarm industries earned $63,830. Looking specifically at wages, the average manufacturing worker earned nearly $26.00 per hour, according to the latest figures, not including benefits. (Source: Bureau of Economic Analysis and Bureau of Labor Statistics)
- 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. Moreover, according to a recent report, 80 percent of manufacturers report a moderate or serious shortage of qualified applicants for skilled and highly-skilled production positions. (Source: Deloitte and the Manufacturing Institute)
- Exports support higher-paying jobs for an increasingly educated and diverse workforce. Jobs supported by exports pay, on average, 18 percent more than other jobs. Employees in the “most trade-intensive industries” earn an average compensation of nearly $94,000, or more than 56 percent more than those in manufacturing companies that were less engaged in trade. (Source: MAPI Foundation, using data from the Bureau of Economic Analysis)
To see the full list of manufacturing facts or to learn more about NAM, visit their website.
SoloPoint Solutions has provided staffing and project resources to manufacturing companies within the medical device, biotech, semiconductor, aerospace industries and much more. To see how we can help with your manufacturing job openings, call us today at (408)246-5945.