Question: Is the United States economy now in a “Post-Industrial, Service Sector” phase?
To answer, here are some interesting facts, as compiled by the National Association of Manufacturers, the leading trade group representing the U.S. manufacturing sector.
- In 2012, manufacturers contributed $1.87 trillion to the economy, up from $1.73 trillion in 2011. This was 11.9 percent of GDP. For every $1.00 spent in manufacturing, another $1.48 is added to the economy, the highest multiplier effect of any economic sector.
- Manufacturing supports an estimated 17.2 million jobs in the United States—about one in six private-sector jobs. Nearly 12 million Americans (or 9 percent of the workforce) are employed directly in manufacturing.
- In 2011, the average manufacturing worker in the United States earned $77,060 annually, including pay and benefits. (The average worker in all industries earned $60,168.)
- Manufacturers in the United States are the most productive in the world, far surpassing the worker productivity of any other major manufacturing economy, leading to higher wages and living standards.
- Manufacturers in the United States perform two-thirds of all private-sector R&D in the nation, driving more innovation than any other sector.
- If manufacturing in the United States were its own country, it would be the 10th largest economy in the world!
The metal service center industry exists to support a robust domestic manufacturing sector. Future Alloys plays a vital role, by stocking a wide array of aluminum plate, aluminum rod and aluminum bar. We carry “hard to find” items like 7075 plate up to 12” thick, and 7075 rod up to 16” diameter. Our extensive inventory, together with our state of the art precision sawing equipment, allow us to provide just in time deliveries of aluminum mill products to customers around the globe.
One expanding manufacturing sector that continues to provide high tech jobs is the aircraft industry. In fact, the Boeing company predicts worldwide demand of 35,280 new airplanes in the next 20 years, as illustrated in the following graphic:
This robust demand for airplanes will drive consumption of heat treated aluminum mill products, particularly 7075 and 7050 plate, rod and bar. 2024 and 2124 sheet and plate are also used extensively in aircraft production. With our extensive inventory and precision processing equipment, Future Alloys is well positioned to take advantage of the coming boom in commercial aircraft production.