MSEJ Salute to Industry Manufacturing and Logistics - Page 18

Manufacturing

Manufacturing is an essential component of gross domestic product, which was $2.33 trillion in 2018, and drove 11.3% of U.S. economic output, according to the Bureau of Economic Analysis. Manufactured goods comprise half of U.S. exports.

Manufacturing adds a lot of value to the power of the U.S. economy. Every dollar spent in manufacturing adds $2.74 to the economy, including retailing, transportation, and business services.

According to the Bureau of Labor Statistics, the United States has 12.69 million manufacturing jobs, which employs 7.9% of the workforce as of 2018.4 Yet, 89% of manufacturers are leaving jobs unfilled because they can't find qualified applicants, according to a 2018 Deloitte report. The skills gap could leave 2.4 million vacant between 2018 and 2028. That could cost the industry $454 billion in 2028