#119 – Inside Our Industry – Manufacturing is a Crucial Component of the U.S. Economy

Manufacturing is a Crucial Component of the U.S. Economy

Last week we celebrated Manufacturing Day 2022. This week we want to share with our readers the latest manufacturing statistics for the United States.

• 12.1 million employees produce the goods that Americans consume domestically or export abroad, with the majority of those workers making transportation equipment. (2021)
• Manufacturing is the fifth-largest employer in the United States.
• Total output from manufacturing was $2.337.55 billion in 2020, a decline of 1.21% from 2019. Since 2009, only one year, 2016, did not have a record gain.
• 96.6 percent of all exporters in the U.S. are comprised of small businesses.
• In 2020, pharmaceutical and medicine manufacturing surpassed all other sectors for job growth.
• The U.S.’s share of global output in 2019 was 16.8%, second only to China’s 28.7%. In 2010, the manufacturing output of both countries was nearly equal at $2.365 for the U.S. and $2.373 for China.

Manufacturing will always be a key industry in the United States. We continue to see bright days ahead.