GENERAL INDUSTRIES | AGENT RESOURCE
What to expect in employment trends, tariff activity and technology
Manufacturing is a broad industry and generally includes businesses that take materials or components and transform them into products. Often, manufacturing firms operate out of factories, plants and mills.
Manufacturers vary in size and may include everything from a small operation that hand-assembles products to an international organization with factories around the world. For a context of scale, middle-market manufacturing organizations are those with revenues between $10 million and $1 billion.1
Manufacturers may produce a final product or a component for another manufacturer. Other manufacturers, such as contract manufacturers, do not create products they sell themselves, but rather produce a product for other organizations. In these instances, the contract manufacturer is either involved in the design of the product, or work is completed to a customer's specifications.
Manufacturers do not fall neatly into one NAICS code. This is because manufacturing encompasses a wide variety of industries and products. The following are some NAICS codes manufacturers may be categorized under2 :
According to the Bureau of Labor Statistics (BLS),3 there are:
Additionally, according to the most recent data, revenue for all manufacturing reached $2.3 trillion and accounted for 11.6% of U.S. economic output in 2018. Manufacturing continues to be a cornerstone of the U.S. economy; however, a number of high-level economic, employment and technology trends continue to influence and disrupt the sector.
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