The U.S. metalcasting industry accounts for $44.3 billion in direct economic benefit and a total national economic impact for the U.S. of $110.52 billion, according to a new study released today by the American Foundry Society.
The AFS Foundry Industry 2020 Economic Impact Analysis is one of the most comprehensive assessments of metalcasting’s full economic importance ever undertaken by AFS. The data encompasses the industry’s economic footprint – by state, congressional district, and the whole U.S. It incorporates direct, supplier, and induced impacts.
Metalcasting, a highly modern industry with ancient roots and today’s cutting-edge technology, is the backbone of the manufacturing economy. It is an industry with a total economic output of $110.52 billion that provides almost 500,000 U.S.jobs, directly and indirectly. The industry is central to a growing economy, modern infrastructure, and national defense.
Metalcasting provides excellent varied career opportunities, from skilled trades to engineering to sales to business management, and offers well-paying jobs for post-college and post-high school graduates. It supports careers in metalcasting facilities as well as in companies supporting the industry through the supply of equipment, raw materials, and services.
“Metal castings are essential to our nation’s infrastructure, our national defense, and our quality of life,” said AFS CEO Doug Kurkul. “What this new analysis clearly illustrates is just how essential the metalcasting industry is to our manufacturing economy and our jobs market, as well.”
Data from the study carried out by economic research firm John Dunham Associates shows the U.S. metalcasting industry accounts for nearly 500,000 jobs paying more than $32 billion in wages and benefits each year. The industry generates about $10.59 billion in federal, state, and local tax revenue.
AFS unveiled the Economic Impact Analysis during its online 2020 Advocacy Summit, during which metalcasters and policymakers discussed the foundry industry’s ripple effect on the economy. Taking part in the summit was U.S. Secretary of Labor Eugene Scalia and Senator Mike Braun (R-Ind.) from the eighth-largest foundry state in the nation.
The study was supported by contributions from many AFS corporate members, local AFS chapters, and other organizations.
“We wish to thank those generous foundries, suppliers, AFS chapters and state metalcasting organizations whose contributions made this project possible,” Kurkul said.
Click here to view more economic data and to see how metalcasting affects your state or congressional district’s economy.
The American Foundry Society is a dynamic technical and advocacy organization that serves and represents the $44 billion metalcasting industry. AFS is the only association serving the entire industry, including all metals and processes, with a three-part focus on advocacy, education, and innovation. AFS also publishes Modern Casting and Casting Source magazines and presents Metalcasting Congress and CastExpo, the largest metalcasting trade events in North America. Founded in 1896, the organization is based in Schaumburg, Illinois, with an advocacy office in Washington, D.C.