Great news for manufacturing:
- Real value added of manufacturing rose 1.9 percent in 2012, after increasing 0.7 percent in 2011.
- Manufacturing’s current dollar share of GDP increased for the third consecutive year, to 12.5 percent, its highest share since 2007.
- Manufacturers contributed $2.03 trillion to the economy in 2012.
- Manufacturers were responsible for creating 12.5 percent of GDP in 2012.
- U.S. manufacturing taken as a stand-alone entity would be the eighth largest country in the world on a GDP basis.
This information was taken from the latest Bureau of Economic Analysis news release on revised GDP statistics by industry. While the BEA release covers 2012 data, and our latest business trends report shows that precision machining industry sales for 2013 were up 5.2 percent over industry sales in 2012.
Now is a great time to be in manufacturing.
Originally posted on PMPAspeakingofprecision.com blog.