United States Machinery Industry
The United States Machinery Industry is one of the world’s largest and most competitive markets for machinery. As well as the United States is a third-largest supplier. Technology innovation, the increase of productivity, efficiency, and sustainability are the keys to their continued leadership in a highly competitive global machinery market. US machinery and equipment manufacturing industries are strong exporters. In 2015, US machinery industries reported exports worth $ 166 billion, which was subsequent great recovery after a sharp decline in exports in 2009. After Canada and Mexico, the European Union became the US. Machinery manufacturers’ third-largest market in 2015. And Canada, Mexico, China, South Korea, Japan were among the leading markets for US machinery exports. The major competitors in US machinery markets are Germany, Japan, Italy, and China.
Machinery and equipment manufacturing industries provide vital and revolutionary, futuristic technology for many other manufacturing and service industries. The ongoing Automization and consistent, stable process technologies enable the end user to maximize the productivity of the equipment. And the sales of such different types of machinery followed by a variety of high-valuable services, including specialized architecture, engineering, and logistics.
Machinery manufacturing has a great economic impact throughout the US economy. Thousands of companies manufacture machinery and equipment in the US. The majority of these companies are SMEs. American brands that do business on a global scale are well- known. While some are publicly traded firm. The Midwest of the US, California, and Texas contributes greatly to the US economy, specifically in machinery and equipment market.
United States Machinery and Equipment Industry
A variety of manufacturing and service industries support the jobs for hundreds of thousands of Americans. Millions of Americans were employed directly in manufacturing and equipment till November 2016. These jobs are primarily in higher scales, well-compensated professions, and trades. The employment categories include team assemblers, machinists, welders, tool-and-die makers, and mechanical and other engineers. The rate of unemployment in manufacturing has dropped significantly from a mid-recession high of 14.2 percent in October 2009 to 4.1 percent in November 2016.
The US machinery manufacturers are facing new challenges every time in foreign markets. Bans or restrictions on the import of manufactured goods are one of the major problems for most of the machinery industries. Access to capital, especially for SME manufacturers, can still be a challenge despite high private sector profits.