Interesting article about manufacturing in the USA in this week’s Sunday Boston Globe: “Made in the USA“.
Key quote:
Americans make more “stuff” than any other nation on earth, and by a wide margin. According to the United Nations’ comprehensive database of international economic data, America’s manufacturing output in 2009 (expressed in constant 2005 dollars) was $2.15 trillion. That surpassed China’s output of $1.48 trillion by nearly 46 percent. China’s industries may be booming, but the United States still accounted for 20 percent of the world’s manufacturing output in 2009 – only a hair below its 1990 share of 21 percent.
“The decline, demise, and death of America’s manufacturing sector has been greatly exaggerated,” says economist Mark Perry, a visiting scholar at the American Enterprise Institute in Washington. “America still makes a ton of stuff, and we make more of it now than ever before in history.” In fact, Americans manufactured more goods in 2009 than the Japanese, Germans, British, and Italians – combined.
Our move to a service economy from a manufacturing economy is clear, and maybe it’s not a bad thing …
Tags: Boston Globe, economy