Experts, economists and analysts all over the world are eyeing the latest developments in the US economy with an abundance of positive expectations. After the market crash and the subsequent ravages of the recession, 2014 proved to be a turning point of sorts, encouraging manufacturing to create a stronghold within the country as the trend of outsourcing slowed down considerably. In the race to recovery, Maryland has emerged as a prominent player.
The 42nd largest state in the country, it is a hub of manufacturing and has a clutch of thriving industries to contribute significantly to the betterment of the standard of living of its blue collar workers.
THE MARYLAND ECONOMY:
Maryland is one of the only 10 states in the US to retain its ‘AAA’ bond rating from all the major credit rating agencies. In 2013 its GDP was $342.4 billion because of its diversified economy and international trade flow. Both established companies and small business owners or start-ups have made the most of the excellent credit track-record as well as the highly educated population to attract investments and erect ventures with solid foundations. Maryland also plays a crucial role in transportation throughout eastern United States and proudly claims manufacturing to be the engine driving its prosperity and growth.
WHY MARYLAND IS A MANUFACTURING HUB?
The nature of manufacturing in Maryland is rapidly evolving. As technology makes vast inroads, the integrated process of production together with the rising savvy of the workers is poised to usher in an era of accelerated growth.
According to a recently published survey, manufacturing as a revenue sector employs more than 100,000 people and adds $20 billion dollars annually to the state GDP.
Some of the reasons behind this excellent performance are:
- The desirable infrastructure of the state conducive to setting up of manufacturing units.
- Robust education system that focuses on both theoretical knowledge and practical applications. This fine blend has produced some of the most skilled floor workers and white collar management executives in the country. The ‘skill’ gap may be an issue plaguing other states but the workforce is actually an asset to Maryland’s manufacturing saga.
- Strategic position as the Boston-Atlanta Corridor on the Atlantic seaboard with borders along Washington D.C. Transportation costs is a major criterion affecting the decision to set up manufacturing strongholds. Maryland also scores big in this regard.
SOME MANUFACTURING DATA YOU SHOULD KNOW:
Maryland manufacturing enthusiasts should know that manufacturing accounts for roughly 5.81% of the net Gross Domestic Product of the state and employs 3.95% of the total workforce.
The best thing about the statistics from the government endeavour Advanced Manufacturing Survey is the clear indication of the affluent lifestyle enjoyed by these workers who boast an annual income of $80,310 on an average.
Maryland truly is the ‘land of opportunities’.
The following is a snapshot of the top manufacturing industries in the state and their individual contributions to the cumulative GDP.
*All numbers are in Million dollars
From chemical products to electronics to plastics, the whole gamut of ‘modern’ sectors required to keep the heart of the American civilization pumping and the American dream alive find realization in Maryland.
Wichitech is the industry leader where hot bonders and composite repair machines are considered. Situated in Baltimore, Maryland’s largest city, it is proud to be a part of the Maryland legacy and is committed to be up front and center to make the most of the oncoming manufacturing golden era.
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