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98.6% of US manufacturing firms small businesses: SCORE

May '19
Pic: PR Newswire
Pic: PR Newswire
New statistics gathered by SCORE, a non-profit organisation offering free business mentoring services to small US businesses, reveal 98.6 per cent of US manufacturing companies are small businesses and 75.3 per cent of those have fewer than 20 employees. Manufacturing businesses drive the US economy, said SCORE chief executive officer Ken Yancey.

Manufacturing businesses generated 11.6 per cent of the US economic output last year and employed 8.5 per cent of the US workforce, but 89 per cent of manufacturers reported they cannot fill all job openings, according to a press release from SCORE.

Top reasons cited include shifting skill sets due to advancing technologies, misperceptions of manufacturing jobs and retirement of baby boomers.

Manufacturing businesses create products from raw materials or components, either by machines or by hand. These goods are made in plants, factories, mills and private homes.

Small manufacturing businesses comprise 22.9 per cent of total employment in the apparel sector, 18.4 per cent of employment in furniture and related products, 16.4 per cent of fabricated metal products, 15.2 per cent of wood products, 11.5 per cent of beverage and tobacco products, 8.6 per cent of machinery, 6.3 per cent of food, 5.6 per cent of electrical equipment, appliances and components, 5.3 per cent of plastics and rubber products, 5.1 per cent of computers and electronic products, and 2.8 per cent of employment in the paper industry. (DS)

Fibre2Fashion News Desk – India

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