Study Confirms Manufacturing's GDP Decline

Jan. 13, 2005
By John S. McClenahen Daniel J. Meckstroth, chief economist at the Manufacturers Alliance/MAPI, an Arlington, Va.-based business and public policy research group, has taken a look at the latest historical GDP numbers from the U.S. Commerce Department ...
ByJohn S. McClenahen Daniel J. Meckstroth, chief economist at the Manufacturers Alliance/MAPI, an Arlington, Va.-based business and public policy research group, has taken a look at the latest historical GDP numbers from the U.S. Commerce Department and, yes, they do show manufacturing's share of the U.S. economy decreasing each of the five years from 1998 through 2003. Manufacturing was 15.4% of the economy in 1998; in 2003 it was 12.7%, a drop of 2.7 percentage points. However, manufacturing was not the only "industry" showing a decline during the last five years, Meckstroth notes. For example, wholesale trade and transportation and warehousing, two industries that handle goods, edged downward 0.4 percentage points and 0.3 percentage points, respectively, he relates. In contrast, mining and construction, two non-manufacturing industries that Commerce considers to be goods producers, posted GDP share gains between 1998 and 2003, adding three-tenths of a percentage point and one-tenth of a percentage point, respectively.

Popular Sponsored Recommendations

Learn How Manufacturers like 3M Cater to Digital Buyers to Increase Sales

Aug. 13, 2023
In this article, you'll learn how manufacturers can balance educating and guiding their buyers through their complex buying process with a digital first approach to product discovery...

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!