Manufactured goods are ubiquitous at home, in transit, and at work, but the narrow definition of manufacturing industries in national statistics implies that the sector is of only minor importance to economic activity. The traditional finding is that manufacturers’ proportion of gross domestic product (GDP) is only about 11% and manufacturing’s share of economy-wide full-time equivalent employment is just 9%. Since this excludes manufacturing activities such as research and development, corporate management, logistics operations, and advertising and branding, those figures are merely the tip of the iceberg.
The United States produces the most goods and services in the world.U.S. manufacturing rebounded from the recession faster than the rest of the economy. The sector is highly profitable and continues to expand. And U.S. industrial wares remain globally competitive, as rising inbound foreign investment testifies.