Great news for manufacturing:
- Real value added for 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% of GDP in 2012.
- U.S. Manufacturing taken as a stand-alone entity, would be the 8th largest country in the world on a GDP basis
This informstion 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% over 2012.
Now is a great time to be in manufacturing.