Good for America
A strong manufacturing base remains a vital component to prosper in the global economy. According to the World Trade Organization, 80 percent of global trade comes from manufactured merchandise.
Additionally, in the U.S.:
- Manufacturing had gross output of $5.9 trillion in 2013, more than one-third of U.S. gross domestic product.
- Manufacturing is by far the most important sector of the U.S. economy in terms of total output according to the Bureau of Economic Analysis.
- Manufacturing accounted for 8.8% of the total U.S. workforce in 2013.
- The added benefit of manufacturing jobs is the high “indirect employment multiplier.” This means that for every person directly employed in manufacturing, there are more than 1.4 jobs created elsewhere in the economy.
Manufacturing has decreased significantly in the United States. Between March 1998 and 2013, the U.S. lost 5.7 million manufacturing jobs. These statistics didn’t just alarm Paul Elio. They moved him to take action.
“Manufacturing is too important to our long-term global competitiveness to give away,” Elio said. “As a nation, we need to have a strong manufacturing core, where we are constantly inventing, improving and innovating. It’s why I went into engineering in the first place…to make things. And, to make things better, Elio Motors is dedicated to creating American jobs and working to make our manufacturing sector and our economy stronger.”
Creating Jobs, Strengthening Our Manufacturing Base
The auto industry is one of the most important industries in the United States. According to the Center for Automotive Research (CAR) the auto industry historically contributes 3 – 3.5 percent to the overall Gross Domestic Product (GDP). The industry directly employs more than 1.7 million people engaged in designing, engineering, manufacturing, and supplying parts and components to assemble, sell and service new motor vehicles.
Approximately 4.5 percent of all U.S. jobs are supported by the strong presence of the auto industry in the U.S. economy. People in these jobs collectively earn over $500 billion annually and generate more than $70 billion in tax revenues, according to CAR.
However, manufacturing jobs in the United States have been disappearing for two decades. Much of this decline has come in the auto industry. According to CAR, U.S. domestic auto manufacturing market share was 73.7 percent in 1993. But, according to the Wall Street Journal, that share dropped to 42.4 percent in 2013.
That’s why it’s so important to build the Elio in the United States. And, that’s why it’s so important to build the vehicle in Shreveport, Louisiana <Video: Inside the Elio Motors manufacturing plant>. We will create 1,500 direct jobs in Shreveport and another 1,500 at our supplier partner companies. In addition, these manufacturing jobs will create another 18,000 jobs across the country.