Manufacturers contribute $2.17 trillion to the U.S. economy, according to the National Association of Manufacturers (NAM), a Washington, D.C.-based association representing small and large manufacturers in 50 states. Up nearly 28 percent since the second quarter of 2009, the amount spent by manufacturers leads off the "Top 20 Facts About Manufacturing" posted on the NAM website.
"Over that same time frame, value-added output from durable goods manufacturing grew from $0.86 trillion to $1.17 trillion, with nondurable goods output up from $0.84 trillion to $0.99 trillion," according to the NAM Top 20 list, which dovetails with the association's role as an advocate for a policy agenda that helps manufacturers create jobs locally and compete globally.
At No. 2—and perhaps the most succinctly powerful item on the list—is the fact that for every $1 spent in manufacturing, another $1.40 is added to the economy. "That is," according to NAM, "the highest multiplier effect of any economic sector."
And for some perspective, the No. 3 item notes: "The vast majority of manufacturing firms in the United States are quite small. In the most recent data, there were 256,363 firms in the manufacturing sector, with all but 3,626 firms considered to be small (having less than 500 employees). In fact, three-quarters of these firms have less than 20 employees."
Visit NAM's Top 20 list for more.
Author
Dennis, who served as electronic media editor at Cutting Tool Engineering from January 2007 through May 2018, is now the owner and publisher of the magazine and CTE Publications Inc. Dennis holds a bachelor’s degree in journalism from Northern Illinois University, and has more than 40 years of media experience.
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