The Numbers Show that US Manufacturing is Strong
March 25, 2015
This article details some of the specifics of how manufacturing is showing to be a strong and important industry for the economy. The US has been slowly bouncing back from the recession that ended in June 2009, but the US manufacturing industry remains strong and is doing better than the rest of the world. The US accounts for 24% of the world’s manufacturing production. 116% of production loss has been recaptured, averaging at a 4.9% growth. US manufacturing utilization has risen to 80%, a level not seen since the 1990s. 38.2% of lost jobs have been recovered and industrial growth contributed to a declining unemployment rate.
The automotive industry contributed to growth, and was a major player, particularly in DuPage County. The midwest, as a whole, is recovering at a faster pace than the rest of the country due to automotive and those sales are expected to continue to increase. Motor vehicles and parts have grown by 150% since June 2009. Primary metals, computer, electronic components, machinery, and durable goods are up 50-70%. Fabricated metal parts, plastic and rubber products, manufacturing, wood products, durable goods, electronic equipment, appliances and components are up 25%.
Manufacturing will continue to expand in 2015, although orders, production, and hiring are starting a bit slow. Industrial production is forecast to increase in 2015 and 2016.
Click here to read the full article in mysuburbanlife.com.