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  • Writer's picturevishal wire

5 facts about the manufacturing industry

Manufacturing is one of the most important industries in the United States and the world as a whole. It drives innovation, it creates new products, and it’s also responsible for nearly 16 million jobs in the U.S alone, according to the Bureau of Labor Statistics. As such, knowing more about the ins and outs of this essential industry can help you better understand how to run your business, as well as make more informed decisions when working with other manufacturing businesses or individuals in that field. Here are 5 facts about the manufacturing industry you might not know that can benefit your company in multiple ways!

1) Manufacturing is a $2.3 trillion industry

Not only is manufacturing one of America’s biggest economic sectors, it also has a pretty significant role to play in your daily life. There’s a good chance that at least half of everything you use was made in a factory somewhere—from household goods like food and clothing to electronic devices. Given how widespread its reach is, it’s not surprising that so many people don’t know much about what happens inside these plants.

2) Manufacturing accounts for 12% of GDP

Manufacturing is a vital part of our economy, accounting for 12% of GDP in 2012. This sector generated $2.2 trillion dollars in output and employed 12.1 million people in 2010. The sector contributes importantly to exports, employing 17% of total private-sector workers and producing 23% of private-sector value added from exports.

3) Manufacturing jobs are growing

Employment in manufacturing is on an upward trend, according to data from the Bureau of Labor Statistics. Employment in manufacturing jobs is expected to grow by 9 percent from 2016-2026, adding around 2 million new jobs to our economy by that time.

4) Robotics are replacing people but also creating new opportunities

The spread of robotics is taking a toll on jobs. Last year, machines beat humans in carrying out more than half a million tasks, up from just over 400,000 in 2013. Humans carried out just under 4 million tasks—meaning they were at least partly replaced by machines, according to a new report from consultancy firm PricewaterhouseCoopers LLP (PwC). By 2022, PwC estimates that a total of 800 million workers will be replaced by robots globally.

5) Automation requires skills

Automation is a great tool to have in any factory, but it's important to remember that it requires an investment in time and knowledge. To make your factory run smoother with fewer mistakes, invest in training for your team so they can work more effectively and efficiently with new equipment.

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