It’s all about the numbers.
Numbers, and the meanings behind them, drive the vast majority of the decisions we all make every day. Whether it’s the price of a new car or that shiny new tech gadget, or the chances that our favorite football team will win the next championship, we all rely on numbers to provide in-depth information about what we want to know.
The practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample, is known as the science of Statistics.
Statistics are used in order to develop clear, accurate information regarding the performance of a product or process as compared to others.
Here then, are five important statistics about the manufacturing industry that you may not have known:
Current data shows that the manufacturing industry contributes over 2 trillion USD to the economy, accounting for 12% of the U.S. gross domestic product. Every $1.00 spent in manufacturing produces $1.37 for the national economy, which is the highest multiplier of any economic sector.
The manufacturing industry supports almost 17.6 million jobs and about one out of every six private sector jobs. In the United States, approximately 9% of the workforce is employed in manufacturing.
In 2013, the average manufacturing worker earned a salary of over $77,000 USD. By comparison, the average for all other industries is just over $62,000. A higher paid workforce adds to the velocity of the economy and creates valuable demand for other goods.
The manufacturing sector ranks number one in driving innovation and new technology. More than three quarters of all private sector research and development is performed by the manufacturing industry, bringing new goods and products to the market every day.
Scale of Economy
If the manufacturing sector were to be analyzed as a stand-alone entity, it would rank 9th out of all world economies.
Statistics show manufacturing in a much different light than general perception. Far from the gritty, overworked industry of the past, modern manufacturing supports local economy, creates employment, and adds to the overall well-being of the population. Innovation and technology are under constant production, making a better and more convenient world for all of us to live in.
It’s all in the numbers.