NEW STUDY: Palm Bay, Florida Among Top Cities Where U.S. Manufacturing is Thriving
By Space Coast Daily // January 23, 2020
Major manufacturing industries in Palm Bay include defense and semiconductors
BREVARD COUNTY • PALM BAY, FLORIDA – Palm Bay was ranked as the Number 4 large city in the U.S. where manufacturing is thriving, according to a new AdvisorSmith study:
• Manufacturing output per capita was $7,494 in Palm Bay compared with a national average of $7,032.
• Palm Bay ranked #24 among cities of all sizes, beating out Ocala (#55) and Naples (#60).
• Major manufacturing industries in Palm Bay include defense and semiconductors.
Manufacturing has served an important role in the United States economy, and the industry continues to play a critical role today.
From industrial products to consumer goods, and from automobiles to aircraft, the U.S. manufacturing sector is diverse and continues to develop and evolve.
In this deep dive into manufacturing-centric areas in the U.S., AdvisorSmith examined the question: where are the top cities in the United States where manufacturing is thriving?
Here is a breakdown of the top large cities where manufacturing is thriving:
1. San Jose, CA
2. Wichita, KS
3. Grand Rapids, MI
4. Palm Bay, FL
5. Hartford, CT
6. Ogden, UT
7. Greenville, SC
8. Durham, NC
9. Detroit, MI
10. San Francisco, CA
AdvisorSmith conducted a study on 318 U.S. cities to determine the top cities where U.S. manufacturing is thriving.
“We based our rankings on four key economic factors: manufacturing output growth rate, manufacturing output per capita, manufacturing location quotient, and manufacturing employment growth rate,” said AdvisorSmith.
In 2018, there were 12.8 million manufacturing jobs in the United States, up from 12.3 million in 2014.
Manufacturing jobs accounted for 8.2% of total employment, and manufacturing output was $2.3 trillion in 2018. Manufacturing accounted for approximately 11% of GDP.
Nationwide, AdvisorSmith found that manufacturing output per capita was approximately $7,032, while the manufacturing output growth rate on a compounded annual growth rate basis was 2.5% during the study period.
Manufacturing employment grew by a compounded annual growth rate of 0.8% during the study period.
Geographically, the Midwest and South accounted for 39 out of the top 50 cities in the study while the Northeast only had 3 cities.
Regional patterns emerged with the Midwestern cities primarily focused on automotive, agricultural, and raw materials manufacturing while the South maintained strong oil and gas, chemical, and furniture industries.
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