Manufacturing sector: Backbone of US economy
Manufacturing sector is considered as backbone of the economy of any country. When it comes to America, manufacturing is topmost productive field. As compared to other countries, workers in manufacturing sector of America get higher wages and have higher standard of living. Most of the countries are far behind America in development of manufacturing sector. According to recent collected data, contribution of Manufacturing Event sector was around $2.09 trillion that forms 12% of GDP of US economy. More than 17 million people are benefitted by this sector that is around 10 percent of US employment. There are more than 50,000 manufacturing companies in USA.
But staying on the top is not a cup of tea! America tries its best to remain on the top position and flourish even more. Many organizations in America organize regular events to encourage business leaders and people working in manufacturing sector. One such organization is Generis which provides a kind of open platform to the professionals and industrialists to come and discuss topics related to manufacturing sector. Recently, in an event organized by Generis many major companies like Toyota, Hasbro, Kraft, Kellogg’s, Kohler, Parker, and Dow etc participated. Well-known business personalities like Leah Curry of Toyota, Michael Chaney of Proctor and Gamble, Peter Holicki of Dow chemical, Wade Watson of company Volvo Ab etc expressed their views.
Challenges to cope inflation, minimal wastage of product, time and money are some of the important and demanding issues of manufacturing sector. Proper planning, optimized use of workforce, flexibility of system and customer friendly approach are some of the best way to improve manufacturing sector. There is a need to give chance to fresh talents and to introduce latest technologies in manufacturing sector to encourage this sector. Labor, materials, demand, supply, availability of capital, transportation cost, availability of power etc are the key factors of manufacturing sector which should be improved by government of the country.
Such kinds of events are hub of information exchange where business leaders as well as customers get opportunity to learn new things related to manufacturing sector. Not only USA, all countries need to revive or flourish their manufacturing sector as this sector is backbone of the economy