This Friday, October 6 is Manufacturing Day! As a family owned manufacturer who has been in the industry for 115 years, National Band & Tag is proud to support the manufacturing field.
To celebrate manufacturing day, here are 12 facts about manufacturing, provided by the National Association of Manufacturers (NAM):
- In the most recent data, manufacturers contributed $2.18 trillion to the U.S. economy in 2016.
- For every $1.00 spent in manufacturing, another $1.81 is added to the economy.
- The vast majority of manufacturing firms in the United States are quite small.
- There are 12.3 million manufacturing workers in the United States, accounting for 9 percent of the workforce.
- Manufacturers have one of the highest percentages of workers who are eligible for health benefits provided by their employer.
- Manufacturers have experienced tremendous growth over the past couple decades, making them more “lean” and helping them become more competitive globally.
- Over the next decade, nearly 3½ million manufacturing jobs will likely be needed, and 2 million are expected to go unfilled due to the skills gap.
- Over the past 25 years, U.S.-manufactured goods exports have quadrupled.
- Manufactured goods exports have grown substantially to our largest trading partners since 1990, including to Canada, Mexico and even China.
- World trade in manufactured goods has more than doubled between 2000 and 2014—from $4.8 trillion to $12.2 trillion.
- Taken alone, manufacturing in the United States would be the ninth-largest economy in the world.
- The cost of federal regulations fall disproportionately on manufacturers, particularly those that are smaller.