How many jobs are available in capital goods? Approximately 1.3 Million Job Openings in 2022. Manufacturing is increasing and so are capital goods jobs. Read on.
How Many Jobs are Available in Capital Goods?
It has projected that roughly 1.3 million job openings will be available in 2022 in the capital goods industry.
Demand for Heavy Equipment – Increase in Employment
The demand for heavy equipment operators and machine tool setters has been steadily increasing, reversing the trend of the past decade. Other capital goods jobs such as production supervisors, engineers, and electricians have seen a steady increase in demand as well.
If you are a knowledgeable worker looking for career options, it is important to know where the jobs are available and what career opportunities they give.
If you are a student and want to go for the capital goods industries then you need to know what jobs are available in capital goods industries. You should read this article if you want to know about it as this article is surely going to help you out.
Whatever the state of the economy, there are always jobs available in some parts of the country.
What are capital Goods Industries?
The capital goods industries are large-scale manufacturers of products used in construction, agriculture, mining and other industries. These include heavy machinery and equipment, aerospace equipment, electronic components and computers.
Capital Goods Industries by Size
The largest capital goods industry is aerospace and defense.
Aerospace and defense companies are among the most valuable in the world; Lockheed Martin Corp., for example, is the most valuable publicly traded company in the world with a market cap of $112.475 billion as of June 15th, 2022.
The next largest capital goods industry is construction equipment manufacturing, which includes earthmoving equipment such as bulldozers and excavators but also things like cranes used in ports or ships.
Construction equipment manufacturing companies include:
- Caterpillar Inc.,
- Komatsu Ltd.,
- JCB Ltd.,
- Hitachi Construction Machinery Co Ltd.,
- Volvo AB Volvo Group Trucks Technology Co Ltd.,
- Kubota Corp., Komatsu Ltd.,
- Doosan Corporation Ltd.,
- Doosan Heavy Industries & Construction Co Ltd.,
- Hyundai Motor Company HMC Motors Co Ltd.,
- Cummins Inc Cummins Incorporated Cummins Power Generation Inc.,
How many jobs are available in capital goods industries?
According to the Labor Statistics
In May 2015, there were about 18.5 million workers across the country who work in the goods-producing sectors, which includes mining, construction, and manufacturing.
These jobs are typically associated with manual labor and have a higher rate of injury than other types of employment. The median annual wage for these positions was about $42,000 as of May 2015.
Bachelor’s degree, graduates can find high-paying careers
Even with just a bachelor’s degree, graduates can find high-paying careers ranging from an industrial engineer, who earns an average annual salary of $84,310 as of May 2015,, to a civil engineer with a mean annual wage of $82,220.
Graduates who earn Master’s degrees or PhDs in the field can become petroleum engineers and earn over $100K annually.
There are about 1.3 million job openings in capital goods industries by 2022
There are about 1.3 million job openings in capital goods industries by 2022. Capital goods is a broad category of products that are used to produce other products and services, such as machine tools, robots, industrial chemicals and equipment for building construction.
Job openings in capital goods industries are expected to grow strongly from 2018 to 2022 – with an average annual increase of nearly 200,000 jobs per year – due mainly to the aging of the workforce and increased demand for these types of equipment related to technological change (such as 3D printing).
Bachelor Degree holders will be able to compete for higher-level job positions
Workers who have completed a bachelor’s program will be able to compete for higher-level job positions that require more education and knowledge than what is typically acquired through an associate’s degree or certificate program.
While many jobs in capital goods still require only an associate’s degree or certificate, there are some that do require a bachelor’s degree. According to the U.S. Bureau of Labor Statistics (BLS), workers with these degrees earn more than those without them on average.
The BLS also reports that there were approximately 1.3 million job openings in 2022 that required at least a four-year college education; these positions paid $50 per hour on average and were available across many industries including healthcare, information technology, engineering and construction.
There are many career opportunities in capital goods industries
The world of capital goods is an exciting one with many career opportunities for those interested in working in capital goods industries and there will be more opportunities available in the future.
The capital goods industries manufacture durable goods, such as automobiles, trucks, and construction equipment. These industries are also called heavy industry or primary goods. The products of this sector are used for many years and are not easily replaced by new technologies.
Capital goods industries often have long production cycles, so they require large amounts of capital investment to begin production. The capital goods industry includes manufacturing sectors such as automotive, aerospace, heavy machinery and equipment manufacturing.
There are several career opportunities in capital goods industries:
Tool and Die Maker:
The tool and die maker is responsible for designing and creating tools, dies and other metal products used in manufacturing. This position requires a high level of technical skills as well as creativity.
The manufacturing engineer is responsible for improving production processes throughout an organization. This position usually requires a bachelor’s degree in engineering or industrial technology along with years of experience in the field.
An electrical technician installs and maintains electrical systems used in manufacturing facilities. This position requires knowledge of electrical systems as well as experience working with tools such as multi-meters, soldering irons and wire strippers.
Manages accounting activities such as:
- Analyzing financial statements and reports;
- Planning budgets;
- Monitoring cash flow;
- Preparing income statements and balance sheets;
- Managing payroll functions;
- Managing accounting records;
- Reviewing financial data for accuracy;
- Preparing tax returns;
- Establishing accounting policies;
- Developing cost estimates for new products or services;
- Keeping financial records for companies.
A business analyst is responsible for analyzing business processes at all levels within an organization to improve efficiency and effectiveness through relevant recommendations to managers and executives.
Business analysts work with stakeholders to identify problems, determine solutions and recommend changes that will lead to improved business performance.
They use different analytical tools such as data mining, decision trees or process flow diagrams to identify potential issues in a given process or system.
How many jobs are available in capital goods industries? In conclusion, there are approximately 1.3 million job openings in capital goods sector. There were over one million projected jobs that are available now in this sector.
This is massive number of jobs for any industry, especially considering how well-paying manufacturing jobs can be.
As long as manufacturers continue to make quality products at affordable prices for consumers, capital goods companies should remain profitable and continue hiring workers into the future.