March 6, 2013
MSCI Study Shows Impact of Metals Industry
The economic contributions made by the metal production and distribution industry are a dynamic part of the U.S. economy, accounting for more than $552 billion or over 3.5 percent of the nation's gross domestic product in 2012, according to a recent study commissioned by the Metals Service Center Institute, Rolling Meadows, Ill.
MSCI President and CEO M. Robert Weidner, III, points to the results as validation for the industry and the much-needed jobs it provides. "Our industry and our members play an important role in our country’s economy," he says. "We need both local and national elected leaders to pay attention to the issues and needs of the metals industry for it to remain viable and for industry executives to have the confidence to reinvest in and grow their companies. The future strength of our country depends on it."
The study, conducted by John Dunham and Associates, also found that metal producers and service centers directly or indirectly employ nearly 2.5 million Americans. These workers will earn approximately $151.4 billion in wages and benefits. Members of the industry and their employees pay about $64.5 billion in federal, state and local taxes.
"One of the reasons we commissioned the study is to be able to see exactly what the metals industry means to the economy, on both a local and national scale," Weidner says. "The numbers don't lie--these are desperately needed jobs and economic stimulation. It's vital that our elected leadership listen to their constituents and act in the best interest of the country and its people."
The study results are accessible online in an interactive format and allow the user to dissect the data by congressional district. For more information, visit www.MSCI.org