The Fastest Growing Sectors for Manufacturing
Posted on 9/28/2017 by Robin Scheu
Where the Jobs Are: The Fastest Growing Sectors for Manufacturing
Just in time for Manufacturing Day (October 6) and Month (October) comes this article from Industry Week. Be sure to watch the slide show: three of Addison County's favorite industries are included! Food products, beverages, and wood products all make the list.
You can see the original post and slide show here.
The manufacturing sector has shown some growth over the past few years. Since 2011, the sector has created jobs every year, a 6-year expansion that exceeds the 5-year expansion experienced 1994-1998, according to a new report from consulting firm Headlight Data. The report showed that the industry has created nearly 500,000 new jobs in the last 6 years.
This number should, however, be put in perspective, since the sector has lost 5 million jobs since 2000.
Within the sector, one of the brightest spots has been the automotive sector.
“The automotive sector has seen a lot of improvement since the recession, “said Chris Engle, Headlight’s chief analyst. “The same is true of the aerospace sector. Major companies have expanded their operations in the Southeast and have brought a lot of jobs to the area.”
While Headlight Data is predicting slower growth this year, they do feel the sector will continue to be healthy. “The key factors to long term manufacturing growth in the U.S. are going to be the ability to maintain a healthy economy, maintain relationships with global trading partners and continue to invest in the workforce to increase productivity.
“There is an opportunity for the U.S. to regain a foothold in industries that have left due to labor costs. We must take advantage of the opportunity,” Engle added.