Industry Focus: Advanced Manufacturing – Manufacturing High-Tech Growth
The advanced manufacturing sector plays a major role in the U.S. economy. According to the Brookings Institute, the nation’s 50 advanced industries employed 12.3 million U.S. workers in 2013, about 9 percent of total U.S. employment—but U.S. advanced industries produce $2.7 trillion in value-added annually—17 percent of all U.S. gross domestic product, more than any other sector, including healthcare, finance or real estate.
At the same time, the sector employs 80 percent of the nation’s engineers; performs 90 percent of private-sector R&D; generates approximately 85 percent of all U.S. patents; and accounts for 60 percent of U.S. exports. Advanced industries also support unusually extensive supply chains and other forms of ancillary economic activity.
On a per worker basis, advanced industries purchase $236,000 in goods and services from other businesses annually, compared with $67,000 in purchasing by other industries. This spending sustains and creates more jobs—2.2 jobs are created domestically for every new advanced industry job—0.8 locally and 1.4 outside of the region. This means that in addition to the 12.3 million workers employed by advanced industries, another 27.1 million U.S. workers owe their jobs to economic activity supported by advanced industries. Directly and indirectly, then, the sector supports almost 39 million jobs—nearly one-fourth of all U.S. employment.
Read the complete article at http://businessfacilities.com/2015/06/advanced-manufacturing-high-tech-growth/
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