There have been numerous positive reports on the manufacturing sector nationwide lately. This is welcome news overall for the industry, but sometimes local facts and figures can have greater meaning to business owners. For Wisconsin manufacturers in particular, the outlook is especially bright.
According to information compiled by the National Association of Manufacturers, (NAM), the manufacturing industry contributes about 20% of Wisconsin’s total revenue output, amassing $50 billion in 2012 alone. The sector also employs about 15.6% of the state’s non-farm workers, with compensation far surpassing the state average.
The report, appropriately titled “Wisconsin Manufacturing Facts,” identifies many high notes in the state’s industrial landscape. Of the top-performing manufacturing sectors, machinery manufacturing, food and beverage manufacturing, and fabricated metal product manufacturing take the lead as heavy hitters. These three groups together brought in nearly $20 million in 2011.
And Wisconsin exports continue to drive the local economy. In 2012, manufactured goods exports added $22 billion and supported more than 150,000 jobs. These numbers are expected to continue an upward climb based on observed trends from 2009 to 2012.
But these big numbers aren’t always coming from big companies. In fact, according to Wisconsin Manufacturing Facts, small businesses accounted for a substantial majority of the state’s exporters in 2011 (87.7%, to be exact!). And each firm brings in about $800,000 in exports, on average. So when it comes to choosing a manufacturing partner, don’t discount smaller companies. You’ll find they reap very big results.
If you’re a Wisconsin manufacturer looking for reliable tool and process monitoring systems, please contact Techna-Tool to request a quote.