The Council of Industry gave kudos to supporters of manufacturing in the Hudson Valley May 18 at its annual awards event at the Powelton Club in Newburgh.
Harold King, COI”™s executive vice president, offered several statistics on the industry sector:
Ӣ Each dollarӪs worth of manufactured goods creates another $1.40 worth of activity in other sectors.
Ӣ The United States remains the worldӪs largest manufacturing economy, producing 21 percent of global manufactured products. China is second at 15 percent and Japan is third at 12 percent.
Ӣ U.S. manufacturing produces $1.6 trillion of value each year, or 12 percent of the countryӪs gross domestic product.
Ӣ Manufacturing supports an estimated 18.6 million jobs in the U.S. or about one in six private-sector jobs.
Ӣ Nearly 12 million Americans or 9 percent of the workforce are employed directly in manufacturing.
“In 2010, the average U.S. manufacturing worker earned $74,485 annually, including pay and benefits. The average nonmanufacturing worker earned $63,122,” King said. “American manufacturers are the most productive workers in the world, twice as productive as workers in any of next 10 leading manufacturing economies.”
King also told the audience, “Locally, the average wage is $81,440 ”“ that is over $4 billion in wages annually right here in our region. Three point five million manufacturing jobs are up for grabs annually. We have more than 49,000 of those jobs here in the Hudson Valley and we”™d like to keep them here.”
King noted a renaissance in manufacturing in the country ”““a most welcome conversation” ”“ and credited the Hudson Valley Economic Development Corp. as a catalyst for retaining and growing manufacturing jobs around the mid-Hudson region.
“HVEDC helped bring Linuo to IBM”™s Fishkill property, which is expected to create 1,400 jobs here in the mid-Hudson,” King said. “Crown Maple Syrup is creating 100 jobs in northern Dutchess and Pfizer retained 2,000 jobs in Rockland thanks to the HVEDC”™s ongoing efforts.”
President and CEO Michael Oates accepted the award on behalf of the HVEDC. Orange County Executive Edward Diana received the COI”™s public service award for helping to retain Kolmar Labs in Port Jervis and Satin Fine Food Products in Chester.
The organization took time to fete one of its own ”“ Fair Rite Products, which has been in operation since 1952. The company manufactures ferrite, a compound that deflects electromagnetic interference, used in the television, radio and communications industry.
“If you wonder why you don”™t hear any static on your radio or TV,” said King, “that black compound on the back of the speaker contains the material that deflects unwanted interference.” The Ulster-based company employs more than 100 people.
