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.)

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