In today’s economy, capital goods jobs are several of the most sought-after and well-paying positions available. By the way, what are Capital goods jobs? And what do Capital goods jobs pay? Let us find out the answers by reading the text below.
What Are Capital Goods?
Capital goods are items which are used to produce other goods or services. Also, they are known as durable goods, as they usually last for a long period of time. Capital goods are able to be used in the production of consumer and investment goods. The examples of capital goods include manufacturing equipment, tools, machinery, and vehicles. These items are utilized to produce other items such as computers, cars, and clothing. Also, Capital goods include buildings and other structures which are used in the production process.
Investment goods are a kind of capital goods which are used to produce other capital goods. The examples of investment goods include machine tools, factory buildings, and vehicles used in transportation. Also, the term capital goods can refer to the industries which produce these items. The capital goods sector includes industries such as construction, manufacturing, and mining. This sector is a crucial part of the economy, as it produces the items which are needed to produce other goods and services.
What Do Capital Goods Jobs Pay?
Generally, capital goods jobs tend to pay higher wages than the jobs in other sectors of the economy. It is because capital goods jobs tend to require more abilities or skills and training than other jobs. Also, capital goods jobs are often more complex, and need the workers to have a better understanding of how the economy works. If you are looking for a career in the capital goods sector, you may be wondering how much you can expect to earn.
Need to know that there is a wide range of salaries for different capital goods jobs. Usually, the highest-paying positions are in engineering, management, and sales. However, entry-level positions can offer good pay and chances for advancement. So, if you are interested in a career in the capital goods sector, you have to research the different job options and discover one that matches your skills and interests.
According to the research, the capital goods industry is one of the highest-paying industries in the world. Your earnings are going to depend on your position, skills, and experience, and of course you are going to want to obtain a fair salary. For those who are thinking of working in this field, you want to know how much you will make. Because of the huge salaries offered in this sector, routinely jobs pay over $100,000 annually. However, as we said before, salaries will depend on your position, skills, and experience. If you desire to obtain a substantial income, the capital goods industry is a good option.
Is a Capital Goods job a Good Career Path in 2022?
The Bureau of Labor Statistics (BLS) stated that the median annual wage for production jobs was $33,780 in May 2019, which is much lower than the median annual wage for all jobs of $39,810. But production workers who are employed in capital goods manufacturing obtained a median wage of $38,060 in May 2019.
The Bureau of Labor Statistics (BLS) projects that employment in production jobs will decline by 4% from 2018 to 2028. In fact, this projected decline is due to automation and other technological advancements. Even so, there will still be a need for the workers to operate and maintain the machinery which has been put in place. Aside from that, as the baby-boom generation retires, there will be lots of job openings which need to be filled.
Keep in mind that Capital goods manufacturing is a crucial sector of the economy. It is expected to grow by 3% from 2018 to 2028. This projected growth is partly due to increased demand for manufactured goods globally. Thus, capital goods jobs are expected to be somewhat resistant to an overall decline in production employment.
How to Get a Tech Job in the Capital Goods Industry?
The capital goods industry is an essential part of the American economy. It offers a wide range of job chances for people with the right abilities and skills. If you are thinking about a career in the capital goods industry, you may be wondering what type of salary you can expect to obtain.
Generally, jobs in the capital goods industry tend to pay well. Based on the data from the Bureau of Labor Statistics (BLS), in May 2018, the median wage for the workers in the capital goods sector was $34.06 per hour, which works out to an annual salary of over $70,000.
Of course, salaries will depend on the specific job you do and your level of experience. Jobs which need highly specialized skills or years of experience will be able to pay significantly more than the median wage. For example, managers and engineers in the capital goods sector obtain a median wage of $44.84 and $58.54 per hour respectively.
For those who are considering a career in the capital goods industry, you have to research different job titles and compare wages to obtain an idea of what you can expect to earn in your desired role. With the right abilities/skills and experience, you are able to discover a well-paying job in this crucial industry.
The Companies that Make Up the Capital Goods Field
Apparently, there are many types of companies that make up the capital goods field. Below are a few examples:
- Aerospace and Defense Companies
These companies design, develop, and manufacture products for the military and civilian markets. Some examples of aerospace and defense companies are Lockheed Martin, Boeing, and Northrop Grumman.
- Construction Equipment Companies
These companies create equipment used in the construction industry, such as bulldozers, cranes and excavators. Some examples of construction equipment companies are John Deere, Caterpillar, and Komatsu.
- Machine Tool Companies
These companies create tools which are used to create other products. Machine tools can include milling machines, lathes, and drill presses. Some examples of machine tool companies are Yamazaki Mazak Corporation, Haas Automation, and Okuma America Corporation.