Manufacturing and manufacturing technology provide the tools that ensure a growing economy and a rising standard of living. They impact on all aspects of modern life, making possible modern communications, affordable agricultural products, efficient transportation, innovative medical procedures, space exploration and the everyday conveniences we take for granted.
Manufacturing accounted for 12.2% of GDP in 2005, producing $13.2 trillion dollars. The industry employs some 14 million people in around 340,000 businesses. It is a growing sector having achieved 16.9% economic growth between 2001 and 2006.
The continued growth of a thriving manufacturing industry is crucial. It provides more additional economic activity and jobs than any other economic sector. Every dollar of final demand for manufactured goods generates an additional 67 cents in other manufactured products and 76 cents in products and services from non-manufacturing sectors. As for employment impact, every $1m in final sales of manufactured goods supports eight jobs in the manufacturing sector and an additional six jobs in other sectors.
Key manufacturing sectors expected to grow between 2002 and 2012 include machinery, plastic products, architectural and structural metals, pharmaceuticals and medicines, food manufacturing and transportation and vehicle parts.
- US Bureau of Labor statistics www.bls.gov
- The National Association of Manufacturers www.nam.org
- The Association for Manufacturing Technology www.amtonline.org
Sources: US Bureau of Labor Statistics, US Bureau of Economic Analysis, US Census Bureau and Commerce Department