Why Manufacturing Matters?
Why Manufacturing matters?
1.) Manufacturing- the making of goods by manual labor or machinery on a large scale.
Since the summer of 2000 the U.S. has lost 3.2 million manufacturing jobs as a result of many factors, including unfair international trade practices, health care and retirement costs, energy costs and the manipulation of currency rates. Every American has a stake in manufacturing. We depend on manufacturing for innovation, national security, jobs and enormous contributions to our economy.
2.) U.S.-based manufacturers are responsible for two-thirds of all private Research and Development done in the United States. This R&D ripples through the economy as innovations that lead to new products, new production, and new jobs. But when manufacturers move their factories offshore, most companies also move their R&D, as well. For example, dozens of U.S. companies that have shifted their factories to China are now relocating their R&D there. nearly 80 percent of all new patents filed originate in the manufacturing sector.
3.) Manufacturing directly employs 14 million Americans and supports 8 million more jobs in other sectors.
Every 100 manufacturing jobs create as many as 700 new jobs in other job sectors. Each $1 of final manufacturing output creates another $1.43 in related manufacturing and business services such as finance, construction, and transportation.
4.) Manufacturing is the largest single contributor to the U.S. economy – $1.4 trillion (12 percent) annually.
As a share of gross state product, manufacturing is the largest sector in 10 states (including South Carolina) and in the Midwest region as a whole. It is the second largest in nine states and third largest in 21 others.
Manufacturing provides a fifth or more of the total gross product of states such as the Carolinas. Replacing the income produced by manufacturing would require states such as...
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