In this blog post, we will delve into the latest statistics and trends surrounding the US manufacturing industry. From employment numbers to production outputs, we will explore key insights that shed light on the state of this crucial sector of the American economy. Join us as we break down the data and uncover what it means for the future of US manufacturing.
The Latest Us Manufacturing Industry Statistics Explained
In 2019, the manufacturing sector contributed $2.3 trillion to the U.S. economy.
The statistic that in 2019, the manufacturing sector contributed $2.3 trillion to the U.S. economy denotes the significant economic impact of manufacturing within the country. This figure represents the total value added by manufacturing activities, including the production of goods, job creation, and supply chain effects. The sizeable contribution underscores the vital role of the manufacturing sector in driving economic growth, generating wealth, and fostering innovation. Additionally, it indicates the sector’s influence in shaping overall economic performance and competitiveness at the national level.
Small-sized manufacturers make up 98.6% of all manufacturing firms in the US.
The statistic that small-sized manufacturers make up 98.6% of all manufacturing firms in the US indicates that the vast majority of manufacturing companies in the country are considered small in size. This suggests that the landscape of the manufacturing industry in the US is predominantly comprised of small businesses, which typically have fewer employees and lower annual revenue compared to larger corporations. This statistic highlights the significant role that small manufacturers play in contributing to the overall manufacturing sector in terms of job creation, innovation, and economic growth. By understanding the prevalence of small-sized manufacturers, policymakers and industry stakeholders can better tailor policies and support initiatives to sustain and enhance the vitality of this crucial sector.
In 2019, manufacturers in the United States exported nearly $692.8 billion in goods to nations around the world.
This statistic highlights the significant economic impact of the manufacturing sector in the United States in 2019, showcasing that manufacturers exported goods totaling approximately $692.8 billion to various countries worldwide. This substantial export value reflects the competitiveness and strength of American manufacturing industries in the global market, contributing to the country’s overall trade balance. It also indicates the importance of international trade for the U.S. manufacturing sector’s growth and sustainability, as well as its role in supporting job creation and economic development both domestically and internationally.
As of 2019, the manufacturing industry employed 8.51% of the workforce in the US.
This statistic indicates that as of 2019, the manufacturing industry in the United States employed approximately 8.51% of the total workforce. This figure highlights the significance of the manufacturing sector in providing employment opportunities and contributing to the overall economy of the country. It suggests that a notable proportion of the workforce is engaged in manufacturing-related jobs, indicating the industry’s importance in generating income, fostering economic growth, and supporting livelihoods. This statistic also underscores the need for policymakers, businesses, and stakeholders to continue supporting the manufacturing sector to maintain its role in creating jobs and driving economic prosperity in the US.
The automotive industry is the largest sector in US manufacturing, representing about 3% of U.S. GDP.
The statistic implies that the automotive industry holds significant economic importance within the U.S. manufacturing sector, as it contributes approximately 3% to the country’s Gross Domestic Product (GDP). This means that a substantial portion of the overall economic output in the U.S. is derived from activities related to manufacturing vehicles, parts, and related services. The size and influence of the automotive industry suggest that it plays a crucial role in driving economic growth, job creation, and overall prosperity in the United States. Furthermore, fluctuations in the performance of the automotive sector can have a notable impact on the broader economy due to its substantial contribution to the GDP.
In 2020, the COVID-19 pandemic resulted in a 6.3% decrease in manufacturing output.
The statistic stating that in 2020, the COVID-19 pandemic led to a 6.3% decrease in manufacturing output indicates the impact of the global health crisis on the manufacturing industry. This significant decrease suggests that the pandemic disrupted production processes, supply chains, and overall economic activity within the manufacturing sector. Factors such as lockdowns, restrictions on business operations, reduced consumer demand, and disruptions in global trade likely contributed to this decline. The statistic highlights the vulnerability of manufacturing to external shocks and the broader economic repercussions of public health crises. Policymakers and industry stakeholders can use this information to understand the extent of the pandemic’s effects and develop strategies to enhance resilience and recovery in the manufacturing sector.
Food manufacturing is the biggest manufacturing subsector in the US accounting for 15% of manufacturing GDP in 2019.
The statistic that food manufacturing is the largest manufacturing subsector in the US, contributing 15% to the overall manufacturing GDP in 2019, signifies the substantial economic significance of the food sector within the country. This data indicates that food manufacturing plays a predominant role in the US economy, highlighting its significant contribution to the overall production and output of the manufacturing industry. The strong presence of the food manufacturing sector underscores its importance in driving economic growth, providing employment opportunities, and meeting the domestic and international demand for food products. The statistic showcases the critical role that food manufacturing plays in shaping the manufacturing landscape of the US and its impact on the broader economy.
In 2021 Q2, the capacity utilization for US manufacturing sector was 75.4%, still below the long term average of 78.6%
The statistic indicates that in the second quarter of 2021, the capacity utilization rate for the US manufacturing sector was 75.4%, meaning that manufacturing facilities were operating at 75.4% of their maximum potential output. This figure is below the long-term average of 78.6%, suggesting that there is still room for increased manufacturing activity and production efficiency. A lower capacity utilization rate may indicate underutilization of resources, potential for increased economic activity, or that certain sectors within the manufacturing industry are experiencing constraints. Monitoring capacity utilization is crucial for understanding the health and efficiency of the manufacturing sector and can provide insights into broader economic trends.
The U.S. manufacturers consumed $153 billion worth of energy in 2018.
The statistic reveals that U.S. manufacturers collectively utilized a total of $153 billion worth of energy in the year 2018. This figure quantifies the significant amount of energy resources consumed by the manufacturing sector within the United States during that specific period. The statistic serves as an indicator of the industry’s reliance on energy to power their operations and produce goods. Analyzing such data can be valuable for policymakers, energy companies, and the manufacturing sector itself to assess energy consumption patterns, monitor trends, and potentially identify opportunities for energy efficiency improvements to reduce costs and environmental impact.
Manufactured goods accounted for 87.6% of all U.S. private-sector R&D spending in 2018.
The statistic “Manufactured goods accounted for 87.6% of all U.S. private-sector R&D spending in 2018” means that the vast majority of research and development (R&D) investments in the private sector in the United States during the specified year were directed towards the manufacturing industry. This indicates a strong emphasis on innovation, product development, and technological advancements within the manufacturing sector, which plays a crucial role in driving economic growth and competitiveness. The high proportion of R&D spending focused on manufacturing suggests that companies are heavily investing in improving processes, creating new products, and staying at the forefront of technological advancements within this industry.
In 2021, the PMI (Purchasing Managers Index) for the United States stood at 64.7. PMI value above 50 signifies growth in the manufacturing sector.
In 2021, the Purchasing Managers Index (PMI) for the United States was reported at 64.7, indicating a robust expansion in the country’s manufacturing sector. A PMI value above 50 signifies growth in the sector, with higher values indicating a stronger rate of expansion. Therefore, the PMI of 64.7 suggests that the manufacturing industry in the United States was experiencing significant growth during the specified period, potentially driven by factors such as increased demand, production levels, and overall economic activity within the sector. This statistic serves as a key indicator for assessing the health and performance of the manufacturing industry and can provide valuable insights into the broader economic landscape.
In 2019, the average manufacturing worker earned $87,185 annually, including pay and benefits.
The statistic states that in 2019, the average manufacturing worker received a total compensation of $87,185 per year, combining both their salary and benefits. This figure reflects the overall financial value that manufacturing workers received in exchange for their work during that year. It indicates the average level of income and benefits that manufacturing employees in the industry earned, serving as a metric for understanding the financial well-being and compensation packages within the manufacturing sector.
In 2018, the manufacturing industry paid $122.3 billion in salaries for sales and marketing positions.
The statistic “In 2018, the manufacturing industry paid $122.3 billion in salaries for sales and marketing positions” indicates the total amount of money spent by manufacturing companies on compensating employees working in sales and marketing roles during the year 2018. This figure includes salaries, bonuses, commissions, and other forms of payment paid to individuals responsible for promoting and selling products or services within the manufacturing sector. The substantial investment of $122.3 billion in sales and marketing salaries suggests that companies within the manufacturing industry place significant emphasis on driving sales growth, building customer relationships, and maintaining a competitive market position through effective marketing strategies.
In 2019, there were about 12.2 million employees in US manufacturing sector.
The statistic “In 2019, there were about 12.2 million employees in the US manufacturing sector” represents the approximate number of individuals employed in manufacturing jobs in the United States during that year. This figure is significant as it highlights the substantial contribution of the manufacturing sector to the US economy and labor market. The number of employees in manufacturing can serve as an indicator of the sector’s overall health and economic impact, influencing factors such as employment rates, wages, and production outputs. Analyzing trends in manufacturing employment figures can provide insights into the strength and competitiveness of the US manufacturing industry within the global market landscape.
The U.S. chemical industry is the largest in the world with a market value of $760 billion in 2019.
The statistic stating that the U.S. chemical industry is the largest in the world with a market value of $760 billion in 2019 indicates the significant economic importance and scale of this sector within the United States. This value represents the total revenue generated by all chemical companies operating within the country during that year. The size of the market reflects the extensive range of chemical products manufactured and sold within the U.S., including industrial chemicals, pharmaceuticals, fertilizers, and specialty chemicals. As the largest industry of its kind globally, the U.S. chemical sector plays a crucial role in driving the country’s economic growth, innovation, and international competitiveness.
The U.S. manufacturing sector uses 25% of the nation’s energy.
The statistic that the U.S. manufacturing sector uses 25% of the nation’s energy indicates the significant energy consumption associated with manufacturing activities in the United States. This figure highlights the importance of energy management and efficiency measures within the manufacturing sector to reduce dependency on non-renewable energy sources, decrease carbon emissions, and mitigate environmental impacts. It also underscores the potential for energy savings and sustainability improvements through innovations in technology, processes, and resource utilization in manufacturing operations. As a key contributor to the overall energy consumption of the country, the manufacturing sector plays a crucial role in the national energy landscape and represents a valuable opportunity for advancing energy conservation and sustainability goals.
Conclusion
The statistics presented reveal the intricate landscape of the US manufacturing industry, highlighting its critical role in the economy. Despite facing various challenges, the industry continues to innovate and adapt, showcasing resilience and potential for growth. As we navigate through dynamic market conditions, it is crucial to leverage these insights to drive informed decision-making and foster sustainable development within the manufacturing sector.
References
0. – https://www.www.statista.com
1. – https://www.tradingeconomics.com
2. – https://www.www.dol.gov
3. – https://www.www.energy.gov
4. – https://www.www.eia.gov
5. – https://www.www2.deloitte.com
6. – https://www.www.selectusa.gov
7. – https://www.fred.stlouisfed.org
8. – https://www.www.nam.org
