Statistics: Future Growth Lies with Manufacturing
Posted by Bert Maes on December 16, 2009
Manufacturing is the country’s productivity powerhouse: a strong and vibrant manufacturing sector is a critical component in our country’s long-term economic future.
Federal Reserve Chairman Ben Bernanke has said that
productivity growth is “perhaps the single most important determinant of average living standards.”
- 1987 thru 2005, manufacturing productivity grew by 94%, roughly 2 1/2 times faster than the 38% increase in productivity in the rest of the business sector.
- Manufacturing jobs pay 23% more than the rest of the workforce.
- Every $1.00 of manufacturing sales supports $1.37 in other sectors. Educational, health care, and social services support $.70.
- Every manufacturing job supports as many as 4 other jobs.
- Manufacturing CO2 emissions have dropped by 6% compared to a 38% increase in other sectors.
- Energy requirements per $1.00 of GDP have dropped by almost 50% in the last 30 years. Half of the reduction is attributed to increases in energy efficiencies of industrial manufacturing.
- Manufacturing has declined from 25% in the 1950s to 12% of the GDP in 2005.
- The U.S. has lost over 5 million manufacturing jobs since 2000.
- Individual net worth has declined by 25% since 1999.
- 2/3rds of private sector R&D in the United States is done by manufacturer.
- More than 1 in 6 U.S. private sector jobs depends on the manufacturing base.
- Future Growth Lies with Manufacturing