Currently, there are about 2 million jobs in the capital goods industry, and the Bureau of Labor Statistics (BLS) predicts that by 2023, there will be 2.3 million. That’s an increase of about 1%. Capital goods companies employ 3% of all workers in the United States and are used to refer to a wide range of manufactured products. Capital goods companies can be small or large, but they all have one thing in common: their products are used to produce consumer goods. This article will help you discover how many jobs are available in capital goods, the types of jobs on offer and how much they pay.
What Is Capital Goods?
Capital goods companies use tools, equipment, and materials to make consumer products. Manufacturers who sell these tools and machines are capital goods companies. The products that they manufacture may be used in factories, retail stores, or construction sites. There are four main sectors of capital goods, which are:
- mining
- agriculture
- transportation
- manufacturing.
What do capital goods jobs pay?
The median salary in capital goods is $42,982 a year. The salary is slightly higher for those who are middle managers and executives. However, the highest salaries are paid to managers at the highest company level. The outlook is for the future of salaries in capital goods jobs is positive. Over the next decade, labor demand will continue to rise as more people use capital goods products, such as computers and cell phones. This will mean that there will be more available jobs, therefore, increasing the salaries of skilled employees.
Below are some typical jobs in the capital goods industry and their pay rates:
1) Sales Representative
The annual mean wage for a sales representative in capital goods is $88,790.
Sales representatives present products to customers and advise them on installing and using them. They may also help write specifications for the tools their clients need. Sales representatives spend long hours working in factories, meeting with clients, and attending trade shows. These individuals need strong communication skills to work well with people from different backgrounds.
2) Secretary or Clerk
The annual mean wage for a secretary or clerk in capital goods is $32,590.
They usually answer phones or schedule appointments and organize records to make it easier for others to find information quickly. There are two different types of secretaries: internal and external.
3) Technician
The annual mean wage for a technician in capital goods is $56,570.
These experts provide technical assistance to clients, often stores or companies that want to sell the company’s products and services.
Many technicians work for clothing, furniture, and other household item manufacturers. These professionals must have excellent skills in mathematics, so they can use computers to solve complex problems related to estimating the demand for products. Technicians who work in construction make less than their colleagues in capital goods at $48,520 a year on average.
4) Engineer
The annual mean wage for an engineer in capital goods is $110,470.
Engineers use mathematics and physics to design and build new machines, computers, or things used to produce or distribute consumer goods. Engineers work with other employees from many different departments to develop the products the customer will buy.
Bioengineers specializing in biology engineering have a higher annual mean wage of $115,990.
Engineers who work for high-tech companies usually make about $149,540 a year, and those at small companies earn as little as $54,420 a year on average.
5) Middle Manager
The annual mean wage for a middle manager in capital goods is $81,170.
They ensure that work is done correctly and coordinate employees in different departments.
Middle managers must be able to lead large groups of people and have excellent writing and speaking skills. They work long hours and may not have time to spend with their families because they are constantly working on the next project or handling problems that arise during the day. Senior managers earn between $90,410 and $156,810 a year, depending on their department and where they work in the country.
6) Technologist
The annual mean wage for a technologist in capital goods is $62,710.
These professionals work with engineers to make sure that the products are made correctly, and they make recommendations to the designers. Senior professionals can earn up to $106,410 a year, depending on where they work.
7) Senior Level Management
The annual mean wage for senior-level management in capital goods is $118,220.
There are two different types of management: functional and project. Functional managers oversee departments that provide services to the company. Project managers take charge of projects.
8) Top Executives
The annual mean wage for top executives in capital goods is $145,190.
Top executives usually spend long hours at work and travel to meet with clients and do presentations for the company. These professionals are hired by companies who want to improve their sales and make the company more profitable.
Top executives may work at small or large manufacturing companies with hundreds of employees. Top executives at large companies earn as much as $180,000 a year on average, while those of the lowest-level executives can make $53,000 a year on average.
What companies are in the capital goods field?
1) Caterpillar
In 2015, Caterpillar sold over 660,000 construction equipment worldwide at manufacturing plants in twenty countries on six continents.
2) Northrop Grumman
Northrop Grumman Corporation is an aerospace and defense technology company. Northrop Grumman was founded in June 1995 with the merger of Northrop and Grumman. The corporation specializes in electronics systems, aerospace technologies, shipbuilding, and cyber technology.
Northrop Grumman employs approximately 70,000 people worldwide.
3) General Electric
General Electric (GE) is an American multinational corporation that provides services and products to several businesses and consumers. The company operates in more than 100 countries and has approximately 320,000 employees. General Electric is headquartered in Fairfield, Connecticut.
GE is a significant manufacturer of aerospace and defense, aviation, energy, finance, and healthcare equipment, as well as several other products.
The company has also begun to focus on analytics and software services.
4) Honeywell International
Honeywell International Inc. is a conglomerate of companies that produce and commercialize products related to the maintenance and operation of industrial plants, aircraft, buildings, and tools. Honeywell has more than 5,100 employees in twenty-seven countries across four continents. In 2015, Honeywell sold more than $33 billion in commercial products to customers in more than 160 countries worldwide.
5) Union Pacific
Union Pacific serves bulk and general commodities, chemical products, food, and machinery.
Union Pacific serves markets across the country by operating over twenty-two thousand miles of track, over fifteen hundred locomotives, more than two hundred intermodal switching systems, thousands of pieces of rolling stock, and about four thousand locomotives worldwide with one of its subsidiaries.
Is capital goods a good career path?
Capital goods is a good career path because it offers some excellent perks.
In addition, this industry offers employees several different advancement options. Capital goods professionals can advance their careers by taking on more responsibility or helping start a new company division. Taking on these challenges helps individuals learn more about how their department works and improve their professional skills so that they will be recognized as experts in their field.
Employees are also able to make a lot of money from this job. Those who work for smaller companies can earn upwards of two hundred thousand dollars a year after ten years at one company. Those working for larger companies can expect to make much more than this. In addition to the salary, there are benefits like attractive health insurance and retirement plans.
Some companies in the capital goods field offer benefits like tuition reimbursement and professional advancement opportunities not offered by other companies. These employees can earn more money, have more choice in how they spend their time outside of work and have far better jobs than they would if they were working for another company in another industry.
Those who want to advance in their career can start doing so after joining a large capital goods company. For example, a business selling building materials and equipment will hire someone with a degree in engineering to run the department. The employee will be able to handle all the unit’s purchasing and sales. After doing this for several years, the employee might move into an executive position by developing new departments or helping to expand an existing department.
Best paying jobs in capital goods
1) Research
Research is often the most impressive job for someone that wants to work in the capital goods field. This is one of the best-paying jobs in the United States. An individual who works in research and development can expect to earn about $100,000 a year after four years. In addition to this salary, some companies also pay for housing and food, which can add up to over $14,000 a year, which is an excellent salary for anyone.
2) Sales Engineer
A sales engineer is another highly paid job role in the capital goods field. The job of a sales engineer is to provide information to the company’s buyers so they can make good decisions on what they will purchase. These sales engineers are often asked to travel the country to meet with potential customers and help guide them on how their products can best be used.
A sales engineer that works for General Electric can expect around $125,000 a year after ten years of work.
3) Marketing Manager
Marketing managers help to promote the company’s products and services to potential customers. These managers are often asked to travel around the country and advise on how companies can best use their products. addition, marketing managers usually offer input on how a new product should be marketed.
A marketing manager for General Electric can expect about $160,000 a year after ten years of work.
4) Mechanical Engineer
A mechanical engineer is a person that designs and builds different types of machinery and equipment. This job requires training in science and mathematics, so a mechanical engineer must complete a bachelor’s degree or higher before becoming certified.
After earning their degree, a mechanical engineer can expect to make $74,000 a year on average.
5) Computer-Aided Design Technicians
A CAD technician helps to create different types of software and technology used by companies to make their products better. A computer-aided design technician’s job is crucial because they often provide the first step in new product development.
A computer-aided design technician can expect an average annual salary of $52,170.
Different sectors in the capital goods industry
1) Food processing
Food processing has a high demand for workers in the capital goods industry. A company in this industry will need to purchase things like mixers, ovens, grills, and other equipment that can be used to help the company process different types of food.
Workers in food processing can expect good pay and benefits. Some businesses in this sector offer their employees over $100,000 annually. The food processing sectors is one of the best paying sectors to work in, so those interested in this field should check ou the latest vacancies.
2) Textiles
A person working in the textiles industry will be focused on creating and marketing machines for the textile industry. These machines help people working in this area produce clothing and other garments. This is a great field to work as the salaries are relatively high. Many can expect about $100,000 a year after four years of work experience.
3) Earth-moving and mining
A person working in the earth-moving and mining industry will design and develop machines to help companies operate their mineral, metal, and other quarries. These jobs often pay higher salaries than average but come with long work hours and dangerous conditions.
Different types of jobs in capital goods
1) Brewers
The beer industry employs more than 1.5 million people and has a median annual income of approximately $80,000.
Brewers are responsible for the final product that is distributed to consumers. They are also responsible for creating recipes and formulas for their specific beer brand. They often work in large breweries or small production breweries.
2) Distillers
More than 200,000 people work in the spirit industry and earn an annual median pay of approximately $43,000.
A distiller specializes in making vodka, whiskey, tequila, brandy, and other liquors. They are responsible for the entire process from beginning to end. They oversee the fermentation process and then age their barrels. After the fermentation, they distill their product into its final form.
3) Bakers
Bakers work in a variety of different fields. Some work in the manufacturing process, while others work on small farms or retail outlets. The median pay for this industry is around $35,000.
There are many ways bakers can use their skills, including working with flour, yeast, and other ingredients that create fresh baked goods. Bakers can also use their skills to make pastries, muffins, and other types of baked goods made from different flour.
4) Steel and aluminum producers
More than 250,000 people work in the steel industry, making an annual median pay of $42,000. Steel and aluminum producers are responsible for creating or producing steel, aluminum, and other metals. They often work in factories, but they may also operate small manufacturing plants where they produce their products.
5) Brickmakers
Brickmakers create the building components necessary to construct buildings. They generally work in production facilities or may operate their own small brick-making business. The median salary of a brickmaker is $51,000.
These professionals are responsible for the entire process from beginning to end. They create clay bricks used to create walls and other structural items. After determining what kind of brick they will make, they mix the clay, water, and other necessary before letting it dry until it hardens and ingredients can be cut into bricks.
Conclusion
There are several different opportunities to work in the capital goods industry. The demand for these products is constantly growing, and newer technologies are constantly being developed. The pay and benefits will be good for those who work in capital goods manufacturing and the future looks very bright for the industry.