Small and Mid-Sized Manufacturing Firms Impact Overall Economy

According to the latest NJBIZ article, manufacturers contributed $2.09 trillion to the U.S. economy in 2014 (the most recent available data) – a number that has steadily risen since 2009. lista storage drawer

Other ways the article reports small-and mid-sized manufacturing companies significantly influence the U.S. economy include:

  • For every single dollar spent in manufacturing, another $1.37 is added to the U.S. economy – the highest multiplier effect of any economic sector.
  • Manufacturing supports 18 million private-sector jobs, while 9% of the U.S. population is directly employed by manufacturing and each manufacturing job supports at least 4 others.  
  • New Jersey manufacturers and STEM-support firms alone employ more than 300,000 people and produce $46 billion in output, which equates to 8.5% of the gross state product (GSP).
  • The average U.S. manufacturing employee earns $77,506 per year – whereas the average annual income in all other sectors is $62,546. 
  • U.S. manufacturers are the most productive in the world and are also number one for quality.
  • Manufacturers carry out 75% of all private-sector research and development in the U.S.
  • Taken alone, U.S. manufacturing would be the ninth-largest economy in the world.

(Data from the article was gathered from: National Association of Manufacturers, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, International Monetary Fund and additional data from the United Nations/International Labour Organization.)

While manufacturing companies continue to impact the marketplace, organizations can rely on Lista’s storage solutions such as cabinets, workstations, workbenches, and toolboxes to drive peak organization and workplace productivity. 

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