#90 – Inside Our Industry – Just the Facts – U.S. Manufacturing Facts, That IsPosted on
With everything going on in the world today, it is helpful to be reminded of the significance that our industry of manufacturing has on the U.S. economy. Here are three major key facts:
Just the Facts – U.S. Manufacturing Facts
- Manufacturing value-added output increased from $2.525 trillion in the second quarter to $2.571 trillion in the third quarter, an all-time high. Overall, manufacturing accounted for 11.1% of GDP in the economy.
- For every $1.00 spent in manufacturing, another $2.79 is added to the economy.That is the highest multiplier effect of any economic sector. In addition, for every one worker in manufacturing, there are another five employees hired elsewhere.
- Manufacturing employment increased by 13,000 in January, expanding for the ninth straight month. The sector added 358,000 workers in calendar year 2021, the most since 1994, and in January, there were 12,559,000 manufacturing There remained 226,000 fewer manufacturing employees relative to pre-pandemic levels, with 12,785,000 workers in the sector in February 2020.