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Modern Manufacturing: The Facts

Posted 7:07 PM by

The Manufacturing Institute recently released the eighth edition of The Facts About Modern Manufacturing. The report highlights the importance of manufacturing not only to the U.S. Economy but to the global economy as well. In fact, the report claims that the U.S. manufacturing sector is the largest manufacturing sector in the world and is the eighth-largest economy in the world. Additionally, 57% of all U.S. exports are manufactured goods.

The report does point out a few areas of concern. First, U.S. manufacturing exports were more than three times that of China’s exports in 2000. However, in 2011, Chinese manufactured exports topped U.S. manufactured exports by 21%. 

Additionally, the U.S. manufacturing industry must complete with a 17.6% higher structural cost burden (incorporating tax liabilities, employee benefit costs, litigation costs and regulatory compliance costs) than its nine largest competitors. 

Finally, despite the increases in U.S. manufacturing over the past few years, the sector has seen a decrease in its market share of global exports from 19% in 2000 to only 14% in 2007.

About the Author

Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group as well as being a member of the Not-for-Profit and Governmental Services Groups. Justin works with clients to help them avoid risk and maximize efficiencies by keeping an eye on their bottom line and helping ensure accurate financial reporting. Connect with him on LinkedIn.

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