A new study by the Manufacturing Institute illuminates a critical reality in the future of U.S. manufacturing: while domestic manufacturing continues to be a cornerstone of the U.S. economy, it faces significant challenges that threaten its health as the current economic climate intensifies external costs and competition from abroad. The Facts, a report produced in partnership with the U.S. Department of Commerce and the Manufacturers Alliance/ MAPI, provides a glimpse into the strengths of the manufacturing sector as it has kept pace with the overall economy, maintaining a consistent 22 percent market share and increasing its GDP by over 7 times since 1947.
“The facts clearly illustrate that manufacturing is central to America’s economic future,” says Emily Stover DeRocco, president, The Manufacturing Institute. “The United States has the largest manufacturing economy in the world, producing $1.6 trillion in goods annually. Productivity growth is higher in manufacturing than in other sectors, holding down inflation and contributing to a higher standard of living. And one in six U.S. jobs is in or directly tied to manufacturing, which still pays premium wages and benefits.”
