The Facts About Modern Manufacturing

The seventh edition of The Facts About Modern Manufacturing sets the record straight on a vitally important but misunderstood sector of our economy. Manufacturing makes the highest contribution to economic growth of any sector. It is the engine of American technology development and innovation, responsible for more than 70 percent of private sector research and development. Manufacturing’s high productivity rate increased by more than 50 percent over the past decade. Manufactured goods make up more than 60 percent of U.S. exports, about $50 billion a month. Manufacturing pays wages and benefits that are 25 percent higher than in non-manufacturing jobs. Manufacturing multiplies every dollar spent into an additional $1.37 in economic activity. Even with these strengths, there are many challenges for manufacturers, especially the areas of costs, competitiveness and encouraging young people to pursue a career in manufacturing.