9 Reasons to be Thankful for Manufacturing
A Thanksgiving tradition for many families as they sit down for dinner is the “I’m Thankful for…” as family members take turns expressing thankfulness. In keeping with this holiday tradition — while adding a manufacturing spin — The employees of Faustel thought it important to show that the manufacturing sector is something to be truly thankful for.
1. Manufacturing is the leading contributor to U.S. economic growth. [1
2. Manufacturers contributed $2.17 trillion to the economy. This figure has steadily risen since 2009 when manufacturers contributed $1.73 trillion. [2
3. The manufacturing sector accounts for 12.0 percent of GDP. [3
4. Projections based on Bureau of Economic Analysis (BEA) annual input-output tables calculate that a dollar’s worth of final demand for manufacturers generates $1.48 in other services and production. This is higher than any other sector. And yet, it turns out that those figures underestimate the actual impact that manufacturers have. A new analysis by Inforum, an economic consulting service working out of the University of Maryland, suggests the manufacturing multiplier is much higher — $1.92, almost doubling the base value of the manufacturing output itself. [4
5. Manufacturing employees specialize in engineering, electronics, information technology, robotics, mechatronics, design and research and development. The average manufacturing worker in the United States earns $77,506 annually, including pay and benefits. The average worker in all industries earned $62,546. [5
6. Manufacturing includes advanced manufacturing design, automation and innovation of both hardware and software. Manufacturers in the United States are the most productive in the world, far surpassing the worker productivity of any other major manufacturing economy, leading to higher wages and living standards. [5
7. Facilities are modern, state of the art foundations of innovation and technology. Manufacturers in the United States perform more than three-quarters of all private-sector R&D in the nation, driving more innovation than any other sector. [5
8. Manufacturing supports an estimated 17.6 million jobs in the United States—about one in six private-sector jobs. More than 12 million Americans (or 9 percent of the workforce) are employed directly in manufacturing. [5
9. Taken alone, manufacturing in the United States would be the ninth-largest economy in the world. [5
About Faustel
Founded in 1956, Faustel (http://www.faustel.com) is a manufacturer of high-tech web converting equipment for the paper, film and foil converting industry including modular systems, complete lines, and components for a wide range of coated or laminated products. Faustel has a well-equipped Technology Center including two pilot coating lines, both capable of aqueous and solvent-based coating using a wide variety of methods and incorporates all well-known drying and curing technologies as well as a wide variety of coating, laminating, and winding capabilities. Faustel has production facilities in the US and China and provides 24-hour parts and service support. http://www.faustel.com
Sources
1Â “Nondurable Goods Manufacturing Led Growth in the Fourth Quarter Gross Domestic Product by Industry: Fourth Quarter and Annual 2014.” Bureau of Economic Analysis. U.S Department of Commerce, 23 Apr. 2015. Web. 1 Nov. 2015.
2 “Industry Data: Interactive Access to Industry Economic Accounts Data: GDP by Industry.” Bureau of Economic Analysis. U.S Department of Commerce, 5 Nov. 2015.
3Â “Industry Data: Interactive Access to Industry Economic Accounts Data: GDP by Industry.” Bureau of Economic Analysis. U.S Department of Commerce, 5 Nov. 2015.
4Â Gold, Stephen. “The Competitive Edge: Manufacturing’s Multiplier Effect — It’s Bigger Than You Think.” Industry Week. 2 Sep. 2014.
5Â “Facts About Manufacturing.” National Association of Manufacturers. Web. 1 Nov. 2015.
