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Unlike consumer goods typically purchased by end consumers, capital goods industry refers to companies that produce physical assets such as machinery, computers, or buildings that other companies purchase and resell to end consumers.
In this guide, seatback as we detail the following:
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Investopedia defines capital goods as physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
Capital goods refers to durable goods that can be utilized more than once, natural resources modified by human hands or any tangible asset used by a business to produce goods or services for consumer goods or for use by other businesses.
The most popular capital goods include property, plants, and equipment (PPE).
Businesses accumulate capital goods and put them to use to produce the goods and services they sell. In other words, capital goods make it possible for companies to produce goods, often at a higher efficiency level.
Over the years, capital goods have been playing a critical role in creating jobs and facilitating economic growth.
Find out: How many jobs are available in consumer durables-Full Guide?
For the critical question of “how many jobs are available in capital goods?” considering how wide the sector is, it is difficult to give a definite figure.
However, based on multiple sources, it’s estimated that there are about 970,000 to 1.3 million job openings in the capital goods sector.
The capital goods industry makes a very significant part of the U.S. economy, accounting for approximately 17% of gross domestic product (GDP) and 13% of total employment in the country according to report by the U.S. Bureau of Labor Statistics (BLS).
In other words, there are nearly 6 million people working in jobs directly related to this sector, with another estimated 3 million employed indirectly through the supply chain and other roles that interact with capital goods companies.
The capital goods sector continues to expand and play an essential role in the economy through providing equipment and infrastructure needed by businesses to thrive.
In this section, we’ll be looking into the five major sectors in the capital goods which are; communications, manufacturing, construction, transportation, and energy.
Without much ado, let’s dive in.
The communications sector makes a huge impact on the U.S. capital goods industry with revenue in telecommunications projected to hit US$146.10bn in 2023.
Presidential Policy Directive 21 identifies the Communications Sector as critical because it provides an “enabling function” across all critical infrastructure sectors.
Over the last 25 years, the sector has evolved from predominantly a provider of voice services into a diverse, competitive, and interconnected industry using terrestrial, satellite, and wireless transmission systems.
Career opportunities in media, communication, and performing arts are expected to grow 14 percent from 2020 to 2030, more than the average for all occupations, and will result in over 151,500 new jobs according to data by the Bureau of Labor Statistics.
So, if you are interested to work in capital goods, communications sector might just be a great fit considering its consistent growth and positive projections for the future.
According to report by Wikipedia, manufacturing in the United States is a vital part of the capital goods industry.
The United States is the world’s third largest manufacturer (after the People’s Republic of China and the European Union) with a record high real output in Q1 2018 of $2.00 trillion well above the 2007 peak before the Great Recession of $1.95 trillion.
Manufacturing industries are typically involved in the manufacturing of various products including cars and trucks, computers and electronics, aircraft and missiles, furniture and appliances.
If you are seeking a high paying role with good benefits, and prospect for career growth, the manufacturing sector in capital goods can efficiently meet that goal.
The construction sector in capital goods is in charge of installing, repairing, remodeling, and maintaining physical structures, such as roads, bridges, airports, and buildings.
This sector has proven over the years to employ more workers in the United States more than any other industry.
In 2020, the construction sector generated $1.36 trillion in economic activity. This is far beyond any other industry and hitting approximately two-thirds of total GDP.
In addition to maximum level of job creation, construction industries contribute immensely to economic growth by creating an environment that allows businesses to flourish and invest in new products and services.
The energy sector is a category of capital goods that relate to the production or supplying of energy.
The energy sector covers companies involved in the exploration and development of oil or gas reserves, oil and gas drilling, and refining.
Energy sectors such as renewable energy, nuclear power, and fossil fuel production provide jobs and benefit the capital goods sector in the United States.
As energy sources, such as solar and wind, are becoming more popular and cheaper to produce, this leads to more companies paying keen attention and investing in these energy sources, which in turn creates new jobs in installation, engineering, and manufacturing.
With nuclear power being a clean energy without greenhouse gas emissions they help reduce global warming and pollution.
Furthermore, fossil fuel production benefits the capital goods sector as it helps create jobs in refining, transportation, construction, and other sectors related to oil and gas production.
Generally, there are plenty of career opportunities in the energy sector. You can shoot your shot here if you are interested in working in this industry.
According to report by the Bureau of Labor Statistics, employment in transportation and material moving occupations is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.
They also noted that this increase is expected to result in about 861,800 new jobs over the decade. In addition, over 1.9 million openings each year, on average, are projected to come from growth and replacement needs.
Transportation sector in capital goods provide jobs and support economic growth in the United States. They’re involved in price regulation for consumers, increase trade opportunities, and create jobs opportunities.
Find out: How many jobs are available in consumer non-durables- Full Guide
Searching and landing roles in the capital goods industry may be by the following ways:
Are you looking to find jobs in capital goods online but unsure where to even begin your search?
Follow the highlighted steps below to help you get all set to land that dream job.
1. Craft a powerful resume that showcases your skills and quantifiable experience in the capital goods industry
2. Search for job openings and apply online via online job boards such as Indeed or Glassdoor. LinkedIn can be another great option
3. Network with industry experts in the capital goods sector to gain valuable networking opportunities and available openings
While there are various job specialties in the capital goods sector, we’ll be looking into these three key categories below:
1. Manufacturing
2. Engineering
3. Research & Development
Manufacturing in capital goods industry involves the creation of new products from raw materials using machines.
Career options available in the manufacturing sector involves production engineer, production manager, technician etc.
To successfully land roles in the manufacturing sector, many of these positions generally require a high school diploma/GED, previous experience working in a factory is beneficial, experience operating manufacturing machinery, ability to work as part of a team, and good communication skills.
The availability of manufacturing jobs varies based on the region. Overall, the industry is growing so there are always opportunities to find a new job in manufacturing.
Engineering jobs in capital goods involves the efficient development of systems, processes and machines that result in high-quality products.
Their main responsibilities revolve around studying requirements for each production process and product at hand, and determining the most efficient operations based on these requirements.
Some common capital goods engineering jobs include product engineer, mechanical engineer, and industrial engineer.
Consider the following requirements to land engineering jobs in capital goods.
Find out: 10 Best Engineering Staffing Agencies in America
Capital goods industries employs candidates in research and development sectors across roles of product developer, engineer, and scientist.
These roles allow for leveraging creative minds and technical expertise to develop new products or make existing ones more efficient.
Furthermore, they conduct research, develop proposals, and supervise the design process.
To be successful and land roles in capital goods research and development sector, you should have engineering and design knowledge, solid knowledge of the prototype design process, and strong written and verbal communication skills.
Ultimately, candidates should be highly innovative, possess the ability to problem-solve, and work well within a team.
Capital goods jobs pay $85,400 per year, on average. However, there’s a wide variety of careers available in capital goods.
For example, an engineering manager with years of experience working for a top-notch company can make as much as $196,000 per year in capital goods.
On the other hand, an entry-level assembler only makes about $26,000 per year.
Capital goods are physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
Report by the Bureau of Labor Statistics stated there are about 1.3 million jobs available in the capital goods sector.
So, with the above stats, we can emphatically say yes! Capital goods is a good career path. However, the current state of the economy determines how well the sector performs.
The growth rate of the capital goods industry has been positive and there are a wide range of roles available to job seekers looking to launch their careers in this industry.
Furthermore, this industry has many opportunities for growth and advancement, and can be a great choice for people looking for a long-term career.
One great way to land roles in the capital goods industry is by browsing the websites of companies that manufacture capital goods, or looking for your desired job titles on reputable job boards such as Indeed, Glassdoor, or Monster.
Best wishes with your job-search.
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