Manufacturing Month
October is National Manufacturing Month, a time to highlight an industry that makes up about 24% of the U.S. GDP. Over the past decade, exports of manufactured goods have been growing significantly and are expected to continue at this impressive rate.
Manufacturing’s Role in America
Manufacturing contributes a lot to the economic growth of America. It has been stated by multiple sources that for every dollar that is spent there is an impact of ~$2.69 to the overall economy. This makes it one of the largest sector multipliers across our GDP. When it comes to employment the industry totals around 13 million workers. This number is relatively consistent as well. Ninety percent of these workers are eligible for health insurance benefits and majority are working for smaller companies. Below shows a graph that depicted the journey of the manufacturing industry in America. Manufacturing as a whole has not hit the highs once had during the 1970s. However, the pre-covid environment has quickly recovered and manufacturing is on the rise again. The chart below shows the trends since 2002, with the major incidents outlined such as the recession and COVID-19.
It is said that one of the hardest things right now for employers in the industry is actually retaining talent. Having well trained and properly staffed floors is a continuous challenge for many facilities. This is partially due to the lack of interest in the manufacturing industry. Things like apprenticeships and internships are being advertised in hopes of returning interest in manufacturing. In fact, each manufacturing month the Illinois Manufacturing Association hosts “Makers on the Move”. During this they visit a multitude of manufacturing facilities and colleges to showcase the innovations in the sector and job opportunities. To everyone in the manufacturing industry we want to thank you for your contributions.
