Return on investment: one steel job means seven more jobs elsewhere
The steel industry is only one part of America's manufacturing landscape. That fact makes today's manufacturing fact even more staggering:
It's called the multiplier effect. We've written about it on Manufacture This before, but there's never a bad time for a refresher.
When a large manufacturing facility comes to town, the new jobs it brings with it also demand the creation of a greater workforce in other industries; more hospital workers, teachers, food service personnel, construction workers, real estate agents, etc. For one, new manufacturing workers may move to the town, meaning there are more people to feed, house, and educate. But additionally, the manufacturing jobs pay good wages, meaning people have more money to spend. It's noteworthy that jobs created at, say, a big box store do not have this type of effect on the economy.
Learn more about the American steel industry.
Image by Flickr user Payton Chung, used following Creative Commons guidelines.
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