In recent years, manufacturing in America has seen frequent changes and advancements and is slated for even more positive changes that will impact the economy, employment, production, and more. Currently, many American manufacturers are experiencing reshoring. Reshoring is usually when a company brings back their production to the United States and hires American workers which boosts our nation’s economic activity and portrays manufacturing in a favorable light. A number of factors are contributing to the growth of manufacturing in America and the positive economic implications it is having.
Manufacturers were responsible for adding $208 trillion to our nation’s economy in 2013, an increase from $2.03 trillion in 2012. Additionally, manufacturers directly and indirectly employ approximately 17.4 million people, making a huge different in the national employment rate. Manufacturers will also closely examine the Purchasing Managers Index (PMI) to gauge the economic health of the manufacturing industry. For example, a PMI greater than 50 can mean that the manufacturing sector is growing from the previous month, while a PMI below 50 can signal that the manufacturing industry is shrinking. For the month of August, the PMI was at 59%, signaling a period of growth.
As a leading manufacturer of custom high quality fastener products, we constantly follow the PMI and other manufacturing data to stay current on our nation’s manufacturing climate. Different manufacturers, companies, and organizations rely on our custom fasteners, products, and warehouse services so that they can manage their business efficiently and effectively.
To celebrate the America’s wonderful manufacturing sector, manufacturing day will be on October 3. Various businesses, companies, schools, and organizations throughout the country will be opening their facilities to the public to educate guests about manufacturing and the positive impacts it can have on our country. Click here to learn more about manufacturing day and to find an event near you.