According to the National Association of Manufacturers, the manufacturing industry supports an estimated 17.4 million jobs in the United States. More than 12 million Americans are employed directly in manufacturing, says this year’s 2014 Bureau of Labor Statistics Report. The industry did take a hit in 2008/2009, when the country was in recession. However as stated in a blog post we wrote earlier this year about the future of the manufacturing industry, the U.S. manufacturing industry is starting to boom again, seeing a significant increase in job opportunities.
With job growth comes more responsibilities and risks as an employer, making it important to ensure you are properly protected financially with PA manufacturing insurance. In addition, it’s important to know what is causing this job growth, and how to retain optimal employees and attract new staff to your manufacturing business. According to GreenBiz.com, a huge factor in manufacturing job growth is environmental approvals.
New technology innovations and environmental investments have been feared for a long time by both construction firms and manufacturing firms. The reason for this is because of the ability for advanced robotics and automation to replace current workers. However, these environmental improvements can actually preserve and in some cases even create jobs through increased economic competitiveness. Numerous studies have actually shown that energy efficiency has very advantageous job-creation effects.
With the money that manufacturing businesses are able to save using energy-efficient machinery and business practices, they are able to use to employ new staff and take on new job assignments. It’s believed that technology investment and efficiency improvements will help preserve jobs through facility survival. There is still concern that job creation and growth could plateau or decrease in the following decade however, so it is important as a business owner to be aware of the trends and what is driving the manufacturing industry.
At Tri-State Insurance Agency, we offer PA Manufacturing Insurance Coverage to manufacturing businesses of all types. We provide customized insurance solutions, including those in the fields of electronics, food, industrial equipment, metal/machines shops, and packing, among others. Please contact us today at (888) 990-0526 to learn more.