The US: The world’s manufacturing juggernaut


http://feedproxy.google.com/~r/Themoneyillusion/~3/X4oNL9KD0E0/

From the Boston Globe of all places:

Americans make more “stuff’’ than any other nation on earth, and by a wide margin. According to the United Nations’ comprehensive database of international economic data, America’s manufacturing output in 2009 (expressed in constant 2005 dollars) was $2.15 trillion. That surpassed China’s output of $1.48 trillion by nearly 46 percent. China’s industries may be booming, but the United States still accounted for 20 percent of the world’s manufacturing output in 2009 — only a hair below its 1990 share of 21 percent.

“The decline, demise, and death of America’s manufacturing sector has been greatly exaggerated,’’ says economist Mark Perry, a visiting scholar at the American Enterprise Institute in Washington. “America still makes a ton of stuff, and we make more of it now than ever before in history.’’ In fact, Americans manufactured more goods in 2009 than the Japanese, Germans, British, and Italians — combined.

American manufacturing output hits a new high almost every year. US industries are powerhouses of production: Measured in constant dollars, America’s manufacturing output today is more than double what it was in the early 1970s.

HT:  Greg Mankiw

PS.  The four countries mentioned in paragraph two have a combined population greater than the US.

The world’s manufacturing juggernaut
ssumner
Sun, 06 Feb 2011 17:30:40 GMT

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2 responses to “The US: The world’s manufacturing juggernaut

  1. I have to say this really surprised me. I wonder if it has to do with America producing more high ticket items like airplanes than China.

    • I think that’s right. We get a misleading view of US manufacturing because not many house goods we see day to day are made in the US, but a bigger share of the value of manufacturing is in the US.

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