The global manufacturing market has seen a myriad of changes in recent years. In the United States in particular, automation, offshoring, and technology have had a major impact on manufacturing companies of all sizes.
Here are some facts and statistics that illustrate these important industry trends.
Manufacturing market size
- The median annual income of manufacturing companies is between $ 50 and $ 100 million per year.
- About 7 percent of manufacturing companies have annual revenues of less than $ 1 million.
- In the United States, the manufacturing compound 12 percent of national production.
Growth of the manufacturing market
- 81% of manufacturers expect their business to grow in 2018.
- 72% of manufacturing companies expect organic growth in national markets.
- 44% plan to develop new products and services.
- Among manufacturing companies in the food and beverage sector, 71% experienced growth.
- Among those in the construction sector, 69% experienced growth.
- 64% of machining companies have experienced growth.
- 59% of automotive manufacturing companies have experienced growth.
- 52% of transportation manufacturing companies experienced growth.
- 61% of builders plan to spend more on personnel costs in 2018.
- US manufacturing by small businesses has increased 48% since 2009.
Manufacturing job market
- There are 12.75 million manufacturing workers in the USA
- The average salary for a manufacturing employee in the United States is $ 84,832 per year.
- The manufacturing industry is expected to have nearly 4.6 million jobs that will not be filled between 2018 and 2028.
- 2.2 million jobs are expected to be filled during this period.
- A persistent skills shortage in the United States could result in $ 2.5 trillion in economic output from manufacturing over the next decade.
- 10.5% of employees in the United States are working in the manufacturing industry.
Manufacturing and offshoring in the United States
- The United States produces 18% of the world’s goods.
- In 2011, manufacturing costs in China were only about 10% higher than in the United States.
- About 5 million manufacturing jobs in the United States were offshored between 2001 and 2011.
- About a third of those offshore jobs went to manufacturing companies in China.
- By 2034, Africa is expected to have a working-age population of 1.1 billion, which is higher than that of China or India, which could be a manufacturing boon for the continent.
Automation and Marketing Technology
- 60% of manufacturers say cloud adoption has improved business agility.
- The cost of federal regulations has a 2.5 times greater impact on businesses with fewer than 50 employees than on large businesses, making automation even more important for small businesses.
- The manufacturing productivity of small businesses rose 15%, mainly due to technology investments.
These statistics show how much the manufacturing industry is changing. For small manufacturing companies, this can help educate themselves on trends that are impacting other businesses across the country and the world. Check out the articles at the links below to learn more about what it takes to run a small manufacturing business.
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