Fast Facts About the Precision Machining Industry
It’s been called a renaissance, a resurgence and the engine of innovation. The precision machining industry is continually growing, even as most of the prototypes, parts and products it produces shrink. It exists in the background but is at the vanguard of nearly every new invention.
When most people think about industries that drive the economy and improve quality of life, they often think about the technology and medical device industries. While these are important facets, none of them would exist or thrive without precision machining.
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Here are a couple fast facts about precision machining that many people don’t know about:
- — There are more than 3,000 firms in the United States that offer precision machining services.
- — Precision machining companies exist in small towns, large cities and communities across the nation.
- — These firms employ hundreds of thousands of people, including tool and die mold makers, inspectors, production technicians and more.
- — According to the U.S. government, workers trained in the highly technical area of precision machining are among the “top five most needed” employees in the country.
- — Every industry needs precision machining, from agriculture to technology to med-tech to aerospace and transportation.
- — Nearly 10 years ago the precision machining industry contributed almost $10 billion to the U.S. economy, and it has only continued to grow since then.
- — Precision machining is actually a sub-section of the overall manufacturing industry.
- — For every $1 invested in manufacturing, $1.32 is added to the economy. This is the highest multiplier effect of any industry in the world.
- — What’s equally impressive is the expansive knowledge of workers in the precision machining industry. They know how to help companies maximize the power and efficiency of CNC machining, how to best use traditional and exotic plastics and why alkaline batteries bounce.
To learn more about our precision machining service or to put it to work on a new project, contact the experts at Product Development Solutions today.