How many jobs are available in capital goods in 2023?
Companies that manufacture tangible assets (such as equipment, computers, or buildings )How many jobs are available in capital goods that other businesses utilize to produce other commodities are referred to as being in the capital goods industry? Consumer commodities are not capital goods (like toothpaste, bicycles, or cellular phones).
However, some things, such as vehicles, may be categorized as capital goods if they are bought by a corporation but as consumer goods, if they are bought by an individual.
How many jobs are available in capital goods?
Depending on the source you use, there are different numbers for the total number of jobs in capital goods. According to several sources, the number of open positions in the capital goods sector ranges from 970,000 to 1.3 million.
Bureau of Labor Statistics and Federal Reserve Economic data
Around 1,000 occupations are listed in the Bureau of Labor Statistics data on employment levels and expected job opportunities. Although it can be debatable which jobs should count toward a capital goods total, there are around 80 that are related to the sector. For the ten-year period from 2020 to 2030, there are anticipated to be 7.3 million job opportunities in such occupations.
The entire monetary amount of new orders placed by manufacturers for nondefense capital goods (apart from aeroplanes) in June 2022 was approximately $74 billion, according to Federal Reserve Economic Indicators (FRED), an online database that tracks various economic data How many jobs are available in capital goods. The overall monetary amount of manufacturers’ new orders for all manufacturing during that time period was around $555 billion. Utilizing these figures,
Economist estimates
Several economists from the Bureau of Labor Statistics cited the Job Openings and Labor Turnover Survey when asked how many capital goods jobs were open (JOLTS).
The JOLTS report’s Table 7 lists the “levels and rates of job vacancies by industry.” There are nineteen different industries represented, from mining and logging to state and municipal education. Manufacturing and wholesale commerce are the two sectors of the economy that are most closely related to capital goods. In June 2022, there were 1,079,000 job vacancies in those two industries combined.
Read more: Best Paying Jobs In Real Estate Investment Trusts
The claim that there are 1.3 million jobs in capital goods is made in numerous online articles. According to the sources mentioned above, it appears that number is about true although depending on how you look at it, it might be on the high side.
Why Is Capital Goods an Appealing Industry?
Why do certain job seekers find the capital goods sector appealing? How many jobs are available in capital goods? Here are the main three causes:
- There are numerous well-known, long-standing, and stable corporations in the sector, including General Electric, Caterpillar, and John Deere.
- The industry offers a lot of entry-level positions, making it a perfect area to launch a career and get practical experience.
- As we’ll discuss in more detail in the following part, the industry has been expanding and is anticipated to provide more jobs in the upcoming years.
What Types of Jobs Are Available in Capital Goods?
Companies that manufacture capital goods hire for a wide range of positions, from knowledge work to manual labor (such as metal fabrication) (like design). There are various manufacturing positions available in the sector because the products being produced are tangible goods.
However, careers in industries like sales, marketing, and engineering also exist. The following are descriptions of three typical roles in the sector:
Computer-Aided Design Technician (or Drafter)
Before a product can be produced, it must first be designed. Engineers, scientists, and many types of designers may all participate in the design process. Design professionals can build and modify conceptual designs using computer-aided design/drafting (commonly abbreviated as CAD) for study, evaluation, and testing before actually sending them out for production.
A computer-aided design technician creates designs using software like AutoCAD. CAD training programs are available at community colleges and trade schools, and they can be integrated into lengthier programs and last anywhere from 6 to 24 months. The median annual salary for drafters, according to the Bureau of Labor Statistics, is a little over $60,000.
Quality Control Inspector
Inspectors in charge of quality control are in charge of making sure that products are free of flaws. They often work in manufacturing and are trained on standards and procedures for quality.
The position of quality control inspector can be entry-level and offer on-the-job training. The median annual salary for quality control inspectors, according to the Bureau of Labor Statistics, is roughly $39,000.
Mechanical Engineer
Designing, creating, and testing mechanical items and technologies is aided by mechanical engineers. They use their understanding of physics and mathematics to make sure that things are made in a way that is secure, practical, and effective. How many jobs are available in capital goods? For this kind of profession, a bachelor’s degree (or above) is normally necessary.
Many businesses are interested in hiring mechanical engineers because the field is seen as highly skilled. The average yearly salary for mechanical engineers, according to the Bureau of Labor Statistics, is around $95,000.
Do You Need a Bachelor’s Degree To Work in Capital Goods?
This is dependent upon the kind of work you want to accomplish. Many positions in the capital goods industry, such as forklift driver or machine operator, don’t even necessarily call for a college degree or previous work experience. Others, like engineering, call for at least a bachelor’s degree and possibly some relevant work experience.
Working in the capital goods industry has its advantages since many businesses offer career paths that let individuals advance to more challenging and rewarding jobs as their knowledge and abilities grow over time (even if they do not have a degree).
Final Thoughts
For anyone looking for entry-level jobs, on-the-job training, career advancement, and job stability, the capital goods sector offer a lot of possibilities. According to current indicators, the sector should expand during the next ten years.
If you’re already on a career path you like, you can start searching for the job titles you want on the job boards of potential capital goods businesses. How many jobs are available in capital goods? Read “What Job Is Right For Me?” and “An Introduction to Teal Work Styles” if you’re searching for guidance on where to take your career next in order to understand how you work best and get a sense of the opportunities that might be a suitable fit.
Frequently Asked Questions
What exactly are capital goods?
Capital goods are things that are bought to make other things. A capital good would be glass used to produce vehicle windshields, for instance. Capital goods can be thought of as B2B (business to business) commodities, whereas consumer goods are B2C.
Is the market for capital goods expanding?
The Federal Reserve Economic Data (FRED) database shows that since April 2020, new orders from manufacturers for capital goods have been continuously rising. The number of new orders in June 2022 (the most recent month for which data are available) was roughly $74 billion, which was a record-breaking amount.
