Advanced industries employ 12.3 million – or 9 per cent – of American workers. And for each of those jobs another 2.2 jobs are indirectly created, according to a US report released this month.
While the need for economic renewal in the US remains urgent, the advanced industries sector has added one million jobs since 2010, America’s
Advanced Industries found.
The report, by non-profit organisation The Brookings Institution, found that while the majority of US workers have become frustrated after years of disappointing jobs growth and stagnant incomes, those in the advanced industries sector were ahead of the pack.
In 2013, the average advanced industry worker earned $US90,000 – almost twice that of the average worker outside the sector. Meanwhile the employment and output growth rate was 1.9 and 2.3 times higher, respectively, than the rest of the economy.
The report also found:
- 50 industries, ranging from manufacturing to energy industries and high-tech services, encompass the nation’s tech sector
- That the dynamism of these advanced industry players are going to be a central component of any future revitalised US economy
- The sector employs 80 per cent of the country’s engineers, and performs 90 per cent of private sector R&D
- The US is home to the most productive advanced industries in the world, second only to Norway, but its competitiveness appears to be eroding
- Advanced industries add $US2.7 trillion to the economy annually – more than any other sector, including healthcare, finance or real estate.
To read the full report, click here.