So, how many jobs are available in capital goods? Here, we’ll provide you with an answer to your query.
The industries that produce capital goods have millions of job openings, most of which are in the manual labor industry. Jobs in capital goods are more likely to be found in densely populated cities with a youthful population and a racially diverse makeup. For example, New York City has more than 2 million jobs.
So, let’s discuss this more in detail.
What Industry Is Capital Goods?
Let’s start by discussing capital goods and what they do before we go further into capital goods. They are also called consumer or capital goods.
Businesses rely on capital goods, which are long-lasting, manufactured assets, to produce consumer products and services. There are various things in this category, including tools, buildings, vehicles, machinery, and other equipment.
These are the items purchased by companies and then put to use in producing other commodities or providing services. Large firms often invest in capital goods, which they then use to create individualized commodities they sell to customers. You may find the following types of businesses around the nation that provides their customers with various forms of capital goods:
- Union Pacific
- 3M
- Boeing
- Northrop Grumman
In addition, other well-known businesses recruit thousands of new workers every year. For example, you might be working for one of these reputable businesses.
Transforming raw materials into finished products requires the production of capital goods, which are the actual physical items involved. We can classify a product as either a consumer or a capital good based on various factors, including quantity, the end-user of the product, customers, and the required investments. The following is a list of examples of capital goods to assist in understanding the situation:
- Textiles – Cotton, wool, and nylon
- Machinery
- Steel
- Oils, natural gases, minerals, and other chemicals
- Components of autos like automobiles, trucks, bicycles, and other forms of transportation
- Components used in semiconductors, industrial equipment, telecommunications networks, and consumer electronics
Let’s look at the many different kinds of industries and markets that go into the production of capital goods. These are the primary capital goods industries:
Chemical Industry
Chemicals are used in producing various consumer goods and products, including paints, soaps, and detergents, as well as in producing various natural resources, such as minerals, oils, and natural gas, by the industry that deals in chemicals.
Electronics Industry
The manufacturing of electronic products relies on the contribution of the electronic industries, which provide the necessary capital goods to other relevant industries.
Automotive Industr
The automotive sector is responsible for the production of components used in a variety of vehicles, including cars, bicycles, and trucks, among others. The manufacturers of this industry subsequently sell the finished products to businesses and companies, who put them to use in the production of vehicles and bicycles.
Textile Manufacturing
Manufacturing textiles include manufacturing wool, cotton, nylon, and other fibers. Additionally, dyes are a significant part of this industry and are offered for purchase to customers from other companies.
Machinery Industry
The machinery sector is responsible for producing both large machinery and essential pieces of equipment used to create various goods. For example, businesses may purchase the objects (equipment and machinery) manufactured here. Then those establishments put those items to use in producing their individualized goods.
Steel industry
As you may have guessed from the name, this industry is involved in producing steel and recycling discarded steel.
These are only a few of the various industries that deal with capital goods; at this point, you should have already selected the field that suits your skills and interests the most.
How Many Jobs Are Available in Capital Goods?
There is around 1.3 million possible employment in the various areas of the capital goods industry. However, only approximately 150,000 of those occupations need manual work. Therefore, to cover the remaining 900,000 positions, there is a pressing need for skilled candidates.
A wide variety of jobs are available in this area, including roles for salespeople, administrative staff, and technicians.
The manufacturing industry is now hiring for hundreds of open positions. They do nothing except go about their business daily, remaining silent while we enjoy our lives as we like. Their job contributes to development and innovation by supplying the raw ingredients necessary for producing all kinds of industrial materials and systems.
The capital goods industry has a wide variety of job opportunities, including production managers, engineers, experts, and many more. These jobs require candidates to have a diploma from an accredited high school and a degree in engineering. In addition, there are several sites around the country, and the number of open jobs is continuously increasing.
As a result of the persistent growth in consumer spending, an increasing number of businesses will need to expand their manufacturing facilities and factories. Because of this, there will be a need for more laborers to fill the newly created positions.
Although these occupations do not normally provide particularly high salaries, employment in these fields is relatively secure. Therefore, the need for experienced workers is always on the rise. In addition, many of these openings do not need any previous professional expertise.
On-the-job training and internships may often give candidates significant work experience and information to help them stand out from the competition. However, engineers, construction managers, and forklift operators will never be short of work opportunities in the capital goods market. That’s because there is always something to do.
Now we will discuss the most important aspect of this article: the number of job opportunities available in this industry, the sorts of available positions, the salaries associated with those jobs, and other similar topics.
Let’s look at the many occupations available in the capital goods industry and discover which ones are the most in-demand and rewarding.
Warehouse Workers
Warehouse employees are responsible for many tasks, including stocking items, packaging items, placing orders, and preparing products for delivery, as well as a variety of other little and major duties.
To be sure, it’s not as fun as sitting at a desk all day gazing at a screen all day, but working in a warehouse can be both thrilling and adventurous at the same time. For example, the typical yearly salary for a worker at a warehouse is $33,800, which is a very respectable amount of money.
Manufacturing Technicians
Technicians in manufacturing are responsible for verifying and testing goods and ensuring that all machinery is functioning correctly. The primary duty of this role is to maintain and repair various types of machinery. On average, manufacturing technicians bring home a salary of around $48,000 each year.
Manufacturing Engineers
Manufacturing Engineers are those who take an interest in the machinery they work with and look for methods to improve the machine and how they use them. Among other responsibilities, you’ll be in charge of monitoring productivity levels, the manufacturing process, and the elimination of bugs. Those who work in manufacturing engineering earn $80,000 a year.
Quality Control Inspectors
These individuals play a vital role in the manufacturing process. They are quite precise in their job, which is necessary given that they are in charge of testing and ensuring that quality standards are maintained. Inspectors of Quality Control often bring in a yearly salary of around $40,000.
Assemblers
Assemblers are technical professionals responsible for understanding and managing the flow of raw materials to finished items. They assemble products such as electronics, automobiles, and consumer goods. In the neighborhood, $32,500 a year is what an assembler can expect to earn.
However, these were the most popular and are often in high demand. The capital goods market offers various other fascinating job opportunities; however, these were the most common and stood out.
If you have high aspirations and want to work in one of the most prominent professions in the industry, have a look at the list that follows to discover which positions provide the highest salaries:
Manufacturing Director
The position of Director of Manufacturing comes in first place on our list, with an average annual salary of almost $200,000. The responsibilities of these individuals include hiring, supervising, and managing employees, as well as ensuring that all factory safety requirements are met, among other things.
Manufacturing Manager
The arrangement of the total equipment workflow is the responsibility of manufacturing managers, who earn an average of $100,000 per year.
Robotics Engineer
They are responsible for the development of automation tools and electromechanical robots. They earn more than $95,000 annually and are in charge of making these things.
CAD Technician
Computer-Aided Design Technicians are responsible for the creation of items as well as the manufacture of those things using CAD software. They earn around $50,000 per year.
How Much Can You Earn in Capital Goods Jobs?
Working in capital goods may be quite lucrative since it provides its employees with various rewards and incentives. For example, the national average yearly wage is $50,000, while the average compensation for workers in this industry is $64,000, which is much more than the national average.
Additionally, organizations that deal in capital goods are responsible for creating many employment prospects, ranging from employees on assembly lines to managers. You will still find decent pay and advancement opportunities, although earnings might vary significantly depending on your role.
On Indeed, engineers with fewer than 5 years of experience operating in the Midwest earned $64,000 a year in 2017. On the other hand, the typical annual income for a sales representative working in New York City with the same experience and earning a living there is $85,000.
In addition, the many industries that workers in the capital goods sector are employed in also impact their salaries. For example, consider the most current data from the Bureau of Labor Statistics (BLS) on the employment condition of employees in the capital goods sector. According to this data, the average yearly income for employees in this sector is currently $81,580. Therefore, they anticipate that by 2026, this figure will have increased to $84,460.
How Much Do Capital Goods Employees Make Each Year?
The warehouse worker position is the most prevalent in the capital goods business, which employs thousands of people and offers a wide variety of occupations. Warehouse employees are responsible for a wide range of tasks, including but not limited to the following: packing of items, preparation of orders for delivery, and more.
They come with a great level of responsibility. However, if you are motivated and willing to put in the effort, they have the potential to be very rewarding. The annual compensation for workers in this position is typically about $33,800.
Working in the field of capital goods, which offers a median wage much higher than average, is an excellent choice for those interested in climbing the professional ladder.
Final Words
From one generation to the next, people have always been interested in discovering fresh techniques for producing various goods. In capital goods, there will always be a need for well-informed and creative individuals to produce and improve the items that allow our society to function more efficiently and productively.
There is a growing need for a capital goods job on a global scale, which has resulted in an expansion of the available job opportunities in this industry. These positions are in great demand, and to be successful in them, you’ll need expertise in engineering, manufacturing, and management. As a result, many capital goods employment demand a college degree.
These are constantly in-demand positions in the workforce. Even if the economy is in a downturn, there will always be opportunities for employment inside it. They won’t always be as common as they were in the past, but they won’t ever go extinct completely.
This sector is seeing an increase in workers with specialized skills, indicating an abundance of available employment possibilities.
There are many companies in the capital goods field, and it may pay very well and make for a good career path.
