Perhaps no sector in the U.S. economy generates more angst than manufacturing. Over the past quarter century, manufacturing has hemorrhaged over 5 million jobs. The devastation of many regional economies, particularly in the Midwest, is testament to this decline. If the information sector has been the golden child of the media, manufacturing has been the offspring that we pity but can’t comfortably embrace.
Yet manufacturing remains critically important. Over the period from 1997 to 2012, labor productivity growth in manufacturing—3.3% per year—was a third higher than the rest of the economy. Clearly manufacturing is no technological laggard, accounting in 2012 for 68.9% of all R&D expenditures by U.S. businesses and employing 36% of the nation’s scientists and engineers, the largest share of any industry.
Image: http://www.newgeography.com
