The Manufacturing Industry is the principal sector in many national economies and plays an important role in creating sustainable economic growth. This is what we mainly know. But the industry is undergoing rapid changes that will also affect the population of a country and it is quite interesting to dig into how it will end up affecting.
When I think about the role that Manufacturing Industry fulfills in a country, there are 2 ways of looking at it. One way is looking at it from an engineer or employee’s perspective or looking at it from a business perspective, but overall, I think these are the main reasons why manufacturing is so important.
1. New Job Opportunities
By manufacturing in a state or country, you help the economy by creating jobs that provide business, stability and opportunity. For example, with a manufacturing company, there will be distributors in that area, local restaurants, and grocery stores. In addition, it allows local colleges to add new programs for students, giving the opportunity to the growth of the company as well as the development of the student’s education, allowing them to face real problems, opening the capacity for solutions and the presentations if new projects to improve the company.
2. Added value to the economy of the country
The existence of a manufacturing plant helps to drive the creation of new technology to improve the manufacturing process. Moreover, it allows engineers to be engineers; when presenting a problem, they can see how to integrate new technologies to keep a machine running or to build new parts that are durable enough to ensure an excellent operation for the next 5 to 10 years that benefits the company and the local area.
3. Most services depend on Manufacturing goods
With manufacturing in the local area, it is possible to help other manufacturing businesses, for example, real estate. This is since people who move to work areas require nearby homes and therefore, it will be possible to promote the construction of homes to live in that area. Which, in essence, increases the value of the property.
4. Helps a countries revenue through taxes
A country needs to have a manufacturing industry, as it helps stabilize the economy through tax income for the state as well as the local areas. These taxes are used to develop the infrastructure of a country. Projects are carried out in which new hospitals and schools are improved or created, in addition to developing social programs that benefit the community.
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