A report from the Commerce Department finds manufacturing’s share of U.S. gross domestic product (GDP) has shrunk to its lowest level in 72 years. Manufacturing made up 11% of GDP in the second quarter. It hasn’t been that small since 1947 and rose to a quarter of the overall economy in the 1960s.
But an industry advocacy organization says manufacturing remains a central driver of Ohio’s economy. Matthew Fieldman is the vice president of external affairs for the Manufacturing Advocacy and Growth Network (MAGNET) and says the sector is thriving here.
“It makes up 17% of our overall GDP with over $106 billion in imports, exports and sales. It also has the highest total annual wages for any Ohio industry sector at $40 billion.”
Fieldman says Ohio ranks second in the nation for construction of new manufacturing sites.