How many jobs are available in capital goods? What You Need To Know

How many jobs are available in capital goods

How many jobs are available in capital goods? Here are some facts and figures regarding capital goods, which include products that have both durable and non-durable components, such as aircraft and automobiles.

As you read on, you’ll learn about the history of capital goods in the United States, what types of jobs are available in this field and how much money people can make working in this industry.

The Bureau of Labor Statistics defines capital goods as durable or non-durable manufactured products purchased by businesses for use in the production of other goods or services. Examples of capital goods include computers, industrial machinery, medical equipment, and heavy trucks.

How many jobs are available in capital goods?

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What is Capital Goods?

Capital Goods is an industry sector that deals with the production of machinery, equipment, and other durable goods.

It includes manufacturing industries such as metals, chemicals, electronic components, industrial machines and instruments. A vast majority of people employed in this field have careers related to engineering and design.

In fact, it is projected that there will be a total of 350,000 job openings for engineers by 2020. There are also opportunities for construction workers which should exceed 380,000 by 2020 according to the Bureau of Labor Statistics (BLS).

Jobs for those with engineering degrees can pay upwards from $55k per year but individuals without a degree often start at lower salaries around $34k annually.

Agriculture Products

The agriculture industry is predicted to be the fastest-growing industry in the U.S. by 2020. This isn’t surprising, considering the food and fuel shortages, natural disasters that damage crops, and changing demands for foods due to global warming.

Agriculture products include agricultural livestock, poultry and eggs, field crops (which includes produce), fruit and nut crops, nursery plants and flowers, milk and other dairy products (including ice cream), fishing and hunting equipment (excluding recreational firearms).

The agriculture industry employs more than four million people throughout the country with most of these being manufacturing workers who work on machinery designed for agriculture like tractors or processing equipment such as grain bins or farm machinery/equipment.

Commercial Services

There is a wide variety of fields within the commercial services industry, but each has its own qualifications and limitations. If you want to work with property and buildings, you’ll need a certificate in construction or architecture.

The legal field requires at least five years of experience, an undergraduate degree from an accredited law school, and passage of both state and national bar exams.

Hospitals will hire nurses with bachelor’s degrees in nursing, who have completed their clinical rotations for post-graduate programs. And manufacturing companies typically need applicants to have some experience with systems analysis and software development.

Industrial Supplies

The Industrial Supplies industry includes companies that supply the needs of industrial, agricultural, construction, and power generation facilities.

The products and services these companies provide help businesses improve their production efficiency and maximize resource use. That makes them a vitally important component of an efficient economy.

So if you’re looking for work in a critical sector of the economy, it’s good to know that it is one of the country’s largest industries by gross receipts $205 billion annually with more than 13 million employees directly or indirectly tied to its products and services.

Home Construction

The economic downturn, which started in 2007, has put a lot of pressure on the housing market. The declining demand for housing led to a reduction in construction and employment opportunities.

However, as the economy recovers and we begin to see sustained growth for more than two years, new home construction is expected to pick up again.

In fact, estimates from the Bureau of Labor Statistics indicate that there will be approximately 203,000 new jobs created in this industry between 2012 and 2022. Of course it should be noted that these numbers do not factor into account any potential losses due to labor mobility or plant closings which may occur throughout this period.

Conclusion

Capital Goods can be defined as being any product or system that is used to produce another good. Examples of Capital Goods include machine tools, heavy equipment, computer software, and other high-cost investments used by a company to enhance the production process.

Although there is significant demand for these types of products, such as high technology products, there’s also a lack of skilled workers to fill those positions. 

The skills gap is impacting Capital Industries like construction and manufacturing–two industries that use a lot of Capital Goods.

 

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