Manufacturing drives our future
As we enter a new decade, U.S. manufacturing is strong and is leading our nation’s economic activity. At more than $1.6 trillion, it is nearly 12 percent of the total U.S. gross domestic product.2 In Connecticut, manufacturing is vital to the state’s economic well-being, accounting for almost $25 billion in total manufacturing output and close to 12 percent of the total gross state product.
Connecticut has more than 4,800 manufacturers that employ nearly 170,000 workers or nearly 11 percent of the state’s workforce. Manufacturers pay $13.3 billion in wages and salaries, with workers averaging $87,000 in annual compensation.
Connecticut’s top five exporting areas in manufacturing, which account for 92 percent of the state’s exports, include transportation equipment, industrial machinery, fabricated metal, electronic equipment, chemicals, and food products.
Key role in Connecticut's economy Total Manufacturing Output: $26.2B (2009), ~$25B (2010)1 Manufacturing's share of total gross state product: 11.4% Manufacturing establishments: 4,8263 Manufacturing's share of exports: 92%5 Total employment related to manufactured exports:76,1001 Tax revenue: ~$900M7
Manufacturing and job growth Total jobs: 167,9004 % of overall nonfarm jobs: 10.31 Average annual compensation: $87,4651 Manufacturing pay premium (% of nonfarm): $31,972 (57.6%)1 Each new manufacturing job creates 2 to 4 additional jobs7
Sources: 1US Bureau of Economic Analysis; 2US Bureau of Labor Statistics; 3US Bureau of the Census: County Business Patterns; 4Economic Report of the Governor; 5National Association of Manufacturers;62009 CT Manufacturing Employment and Compensation; 7CBIA Manufacturing & Technology Day 2011.
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