ROLLING MEADOWS, Ill.--(BUSINESS WIRE)--2.5 million Americans. That’s how many people are directly or indirectly employed by the U.S. metals industry. It approximately equates to the 2013 population of Nevada.
The Metals Service Center Institute (MSCI) commissioned a study to illustrate what a powerful impact the metals industry has on the U.S. economy—and it released the results in an infographic video today. “The metals industry, our members, play a vital role in our economy at both the local and national levels,” explained MSCI President and CEO M. Robert Weidner, III. “At a time when the U.S. economy is expected to grow at a minimal rate, it’s important to support the businesses and industry that can keep America moving forward.”
Data from the study, conducted by John Dunham and Associates, shows the metals industry contributes over $550 billion to the U.S. economy – 3.5% of GDP and more than each the aircraft, film or software industries.
In addition, metal producers and service centers provide approximately over $150 billion in wages and benefits to those it directly and indirectly employs. They provide nearly $65 billion in local, state and federal tax revenue.
With the 2014 elections in sight, MSCI is committed to educating elected leaders, candidates and the public about public policy issues that would allow this industry to grow and thrive. “Current overregulation and taxation burdens our members and prohibits growth, rather than encourages it,” Weidner said. “Legislators need to understand that their policies have far reaching consequences close to home—on jobs and local economies.”
The study results are available online in an interactive format and allow members and other interested parties to dissect the data by congressional district. This dashboard helps MSCI members explain to their elected leaders what the metals service center industry contributes to the local community, state and the national economy.
Founded in 1909, the Metals Service Center Institute, based in Rolling Meadows, Ill., has nearly 400 member companies operating from more than 1,500 locations in the United States, Canada, Mexico and throughout the world. For more information, visit www.MSCI.org. “Like” us on Facebook at Metals Service Center Institute, follow us on Twitter @MSCITweets, and connect with us on LinkedIn at Metals Service Center Institute. Join the discussion: #MetalsImpact.