National Manufacturing Day is observed annually on the first Friday in October. Because it is so vital to the economy, Manufacturing Day is set aside to celebrate those who proudly stand behind the goods produced in the United States.
Manufacturing has grown for the past 14 consecutive months after contracting in April 2020 when the coronavirus triggered nationwide business shutdowns. Manufacturers in the United States account for 11.39% of the total output in the economy and employ 8.5% of the workforce. There was an average of 12.8 million manufacturing employees in the United States in 2020 with an annual compensation of $83,269.69 in 2019.
Americans like to buy goods that are made in America. And, fortunately for Americans, manufacturing remains a vital part of the U.S. economy. A vibrant manufacturing base leads to more research and development, innovation, productivity, exports, and middle-class jobs. Manufacturing helps raise living standards more than any other sector.
Manufacturing generates more economic activity than other sectors. For every dollar of domestic manufacturing value-added, another $3.60 of economic activity is generated elsewhere across the economy. For every manufacturing job, there are 3.4 jobs created in non-manufacturing industries. No other sector comes close to these numbers.
Given the connection between research and development and manufacturing, a vital manufacturing sector plays an important role in maintaining an innovative economy. Innovation is extremely important to the future of America; therefore, the celebration of manufacturing is meant to inspire the next generation of manufacturers.
American manufacturing companies take pride in producing the highest quality goods. Let’s continue to support these companies, not only with our dollars, but with a respect for the positive impact manufacturing companies continue to make on our overall economy.[btn url=”https://dynamicconveyor.com/contact/subscribe-to-our-e-news/”] Sign Up for Our Newsletters [/btn]