Today is Manufacturing Day in the United States. These back of the envelope calculations are for the U.S. but could be applied similarly to other countries.
It is estimated that annual expenditures on machining operations in the U.S. is 2% of the Gross Domestic Product (GDP) or $400 Billion. Milling is the largest of all machining expenditures at 40.2%. If we could improve milling productivity by a modest average of 30%, the savings would be $48 Billion a year. In Jack Schultz’s fine book Boomtown USA, he cites an Illinois Chamber study that shows one new manufacturing job leads to 4.15 new jobs in others sectors. A 30% productivity improvement in milling will also yield $48 Billion in additional open time that can be filled with new work. That would require 280,000 new workers, which turn, would create a total of 1.16 Million new jobs. To put that in perspective, it would lower today’s announced 3.7% unemployment rate to 2.95%.
All from milling.
That is why we do what we do.
Sources: GM/Allison, Dormer D.World 01/09, Bureau of Labor Statistics
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