Indiana leads nation in GDP weight of manufacturing
Online business publication 24/7 Wall Street released a list of "10 states where manufacturing still matters," based on the percentage of the state's gross domestic product (GDP) that depends on the sector. At the top of the list is Indiana, whose manufacturing industry generates 30.1 percent of its GDP, putting it just ahead of second-place Oregon (29.8 percent). In 2013, Indiana's manufacturing output was $95.3 billion, sixth highest in the nation. Rounding out the top five were Louisiana, North Carolina and Michigan.
The report notes several other statistics about Indiana's economy and the important role that manufacturing plays. As far as production of nondurable goods, more than half of all output was chemical products, representing 8.9 percent of the total GDP. Indiana also ranked sixth nationally in manufacture exports, which totaled $61.9 billion in 2012. Finally, while the manufacturing industry produces almost a third of the GDP, only 19 percent of all the state's jobs are in that sector.
The hiring data was also highlighted by a recent report from the Institute for Supply Management, where employment was the only area in which the Midwest's manufacturing industry did not grow. Still, the statistics are overwhelmingly positive for the state of Indiana's manufacturing industry, with several businesses announcing plans to expand their facilities or relocate to the area in recent weeks.
Indiana's manufacturers have many software resources available from local companies to aid in the smooth running of their operations. Manufacturing ERP software comes with features to plan and track every step of the production process, from inventory to distribution. Sales data can be processed in order to develop an ideal marketing strategy. Job costing and business management software solutions are a vital tool for any manufacturing enterprise.