How many jobs are available in capital goods?
I know why you asked this question. You are aware of the potential of the capital goods industry. The fact that the capital goods industry has a market size of $ 43.2 bn is convincing enough for starting a career in the capital goods industry.
Starting from building, machinery, and equipment to different tools, the capital goods industry makes products for many different industries and products. These are fixed and tangible assets used by different businesses.
Capital goods are necessary across different industries, which is why the career surrounding the capital goods industry is immense. If you are looking for a specific number regarding the number of jobs available in the capital goods industry, then this article might be worth the read. But first, let me clarify what the capital goods industry is.
What Is Capital Goods Industry?
Capital goods are tangible products and materials used by different businesses and industries for the production of different other products. These are tangible materials like industrial machinery, construction & mining, textile machinery, electrical equipment, packaging & printing materials, and machinery that come under capital goods. These products are used for the production of other different products.
These products are not easily convertible into cash. They are also fixed tangible assets, and they help in finishing the production of other consumable goods. Capital goods don’t easily wear out and are durable assets. The industry built around capital goods is called the capital goods industry.
Due to the wide range of use, the capital goods industry offers a huge amount of job opportunities before us. The statistics below will help you understand the number of job opportunities available in the capital goods industry. So, how many jobs are available in capital goods? Let’s find out.
How Many Jobs Openings Are There in Capital Goods?
On the basis of the source you reference, the actual number of available jobs in capital goods varies. On the basis of multiple sources, there is an estimation of 970,000 to 1.3 million job openings in the capital goods industry.
The bureau of labor statistics releases employment data listing the number of employees and the number of job openings in the capital goods industry. According to their data, the number of subjective job openings is only 1000.
But, more jobs overlap with the industry. As different industries overlap and merge, the number of job openings in the capital goods industry multiples. Some occupations are estimated to have job openings of more than 7.3 million between 2020 and 2030.
According to the data by FRED, an online database, the new orders by the manufacturers’ for nondefense capital goods amounted $74 billion. At the same time, the USD value of the new orders by the manufacturers ( for all manufacturing ) was 555 billion USD.
According to this data, we can calculate that capital goods make up 13% of all manufacturing. If the amount of job openings for capital goods is parallel to its manufacturing order percentage, then we get 973,823 job opportunities every year.
Why Are Capital Goods Industry Jobs Appealing?
There are many reasons for you or anyone to seek a job in the capital goods industry. Here are some reasons why you should aim for a job in the capital goods industry –
- Different well-known global companies are integrated with the capital goods industry. You can take Caterpillar, General Electric, and John Deere, for example.
- You can start with many entry-level jobs in the industry and rise through the ranks. You will receive on-the-job training.
- Capital goods industries are growing and will continue to create opportunities for many more job openings.
- There are many different types of job opportunities opening every year. You can choose from almost any of them.
Types Of Jobs Available In The Capital Goods Industry
As I said before, you could choose from different types of jobs in the capital goods industry. Here I have listed the best-paying jobs in the capital goods industry.
- Industrial designer
- Sales Engineer
- Research and development manager
- Computer-aided design technician
- Robotics engineer
- Manufacturing manager
- Manufacturing engineer.
- Marketing manager.
- Director of manufacturing.
- Warehouse worker
- Business development manager.
Computer-Aided Design Technician
The design technicians are responsible for creating designs that help in shaping and designing the products needed to be manufactured. They are responsible for creating, testing, and analyzing designs before green signaling them for production.
You can take CAD training to start your career in this industry. The programs range between 6 months to 24 months. You can expect a median salary of $60000.
Quality Control Inspector
As a quality control inspector, you have to inspect the defects in the products manufactured. For this job role, trainees need to work in manufacturing and get training on quality specifications and protocols. The median wage in this career option is $39000.
Mechanical engineers are responsible for ensuring the efficiency, quality, and functionality of the products manufactured. Having a degree in mechanical engineering is mandatory for this job role in the capital goods industry. You can expect a median salary of $95000 as a mechanical engineer in the capital goods industry.
Frequently Asked Questions (FAQs):
Here are some similar questions and answers you might feel helped by.
➥ Here are some companies that are in capital goods–
• Union Pacific.
• Honeywell International.
• Lockheed Martin.
• Caterpillar Inc.
• General Electric.
• United Rentals Inc.
• Northrop Grumman.
➥ Here are the five examples of capital goods –
Tools, computers, buildings, vehicles, machinery, and construction equipment. These are very important for the production of some other consumable products.
➥ Capital goods are a key to the production of any goods. There are four different elements needed for the production of a good. They are – land, labor, entrepreneurship, and capital. Workers are the element of production. But they are not capital goods.
The average salary for jobs in the capital goods industry is between $64000 to $85000. You can choose from the different options I have mentioned in this article. I think I have given a clear answer to your question– how many jobs are available in capital goods?
However, if you need any further explanation, you can ask us questions in the comment section. We will reach out to you as soon as possible.