When you think about an industry that has revenue in the tens of billions and growing, it’s hard not to mention the one industry we are all too familiar with — capital goods. If you’ve ever wondered how many jobs are available in capital goods, then look no further than this article.
I’ll provide you with information regarding the number of jobs available, how many people work in capital goods, what industries fall under such a broad category, and more.
Capital goods refer to the products and services used in the production of other goods and services. Capital goods are often durable, high-cost items that are used repeatedly, such as heavy machinery and industrial equipment. Capital goods industries can be divided into two main categories: durable goods and nondurable goods.
- Durable Goods. Durable goods are products that last for a long time, such as cars or furniture. Examples include appliances, construction materials, electronic components, medical equipment and computers.
- Nondurable Goods. Nondurable goods are not meant to last a long time; they usually have a shorter lifespan than durable goods. Examples include food products such as cereal or fruit juice.
Capital goods industries are those that produce durable items and other goods that can be used for the production of other goods and services. Capital goods industries include machinery, equipment, tools and other durable goods used in the production of other products.
The capital goods industry includes manufacturing companies that produce equipment such as trucks, automobiles and computers. These companies also produce industrial buildings such as factories and warehouses. They also manufacture office furniture like desks, chairs and filing cabinets.
Capital goods are considered long-term investments because they are not consumed in a short time like consumer products. Capital goods may be sold or rented out over several years before they are replaced by new technology or updated versions of the same product line.
How Many Jobs Are Available In Capital Goods Industry?
- Engineering Managers
- Manufacturing Engineer
- Senior Mechanical Engineer
- Electrical Engineer
- Quality Control Manager
- Industrial Designer
- Research and Development Manager
- Sales Engineer
- Marketing Manager
- Business Development Manager
Engineering Managers: The engineering manager supervises engineering personnel and oversees their work on product design or production processes. Many engineers are promoted to this position after years of experience.
Engineering managers must have an advanced degree, such as a Master’s degree in mechanical engineering or electrical engineering, and usually have at least 10 years of engineering experience before being promoted to this job. The average salary for an engineering manager was $130,000 in 2020
Manufacturing Engineer: The manufacturing engineer is responsible for planning, organizing and directing the manufacturing process of a product or a service. They also ensure that production is done in an efficient manner. The average salary of a manufacturing engineer is $87,000 per year.
Quality Control Manager: The Quality Control Manager oversees the quality control department in order to ensure that products meet standards set by the company.
They are responsible for monitoring processes and conducting tests on products to ensure they meet these standards. The average salary of a Quality Control Manager is approximately $87,000 per year.
Quality Assurance Manager: The Quality Assurance Manager ensures that the quality of all goods produced by the company meets or exceeds expectations set by clients and customers alike.
They are responsible for ensuring that proper testing procedures are being followed at all times so that any issues can be detected before they become problems for customers or employees alike. The average salary of a Quality Assurance Manager is approximately $85,000 per year.
Senior Mechanical Engineer: The senior mechanical engineer is responsible for supervising and guiding the activities of junior-level engineers. They will be responsible for ensuring that the design and manufacturing processes meet the client’s requirements. They will also ensure that any problems are resolved cost-effectively and timely.
The main role of a senior mechanical engineer is to achieve high performance from products by improving their design, performance and reliability.
They must work closely with other departments such as research and development (R&D), production and marketing to ensure that this is achieved. The average salary for a senior mechanical engineer is $150,000 per year.
Electrical Engineer: Electrical engineers design, develop, test and supervise the manufacture of electrical equipment, components and systems for all industries. Electrical engineers usually have a degree in electrical engineering and many have advanced degrees in this field.
Average salary: $73,000. Mechanical engineers design and develop mechanical systems such as power-producing machines, engines, robots and other types of equipment. These professionals may specialize in one area such as robotics or biomechanics, or work on various projects related to mechanical systems.
Industrial Designer: Industrial designers are responsible for developing new products and improving existing ones. They create models, sketch blueprints and come up with designs that are unique and innovative. Their works include everything from industrial machines to consumer goods.
Product Manager: This senior-level position requires a lot of experience and expertise. Product managers are responsible for product development, marketing, sales and customer service.
They oversee all aspects of the business, including product development, manufacturing, distribution, pricing and promotion of the goods produced by the company.
Sales Representative: Sales representatives are tasked with selling products to customers and developing relationships with them to remain loyal to your brand.
They have to communicate effectively with buyers to convince them to buy your company’s products instead of those from other manufacturers who may be offering similar goods at lower prices or better quality at higher prices.
Marketing Manager: The average salary of a marketing manager is $87,000 per year. The job description includes identifying target markets for new products or services and developing promotional plans for their sale. It also involves creating sales forecasts and coordinating pricing strategies with sales staff.
Product Development Director: The product development director is responsible for overseeing all aspects of product development, including research and development activities related to new products or services as well as improving existing ones.
In addition to ensuring that products meet customer needs, they’re also responsible for managing budgets related to product development initiatives and ensuring that all regulatory requirements are met before launching any new products into marketplaces or stores around the world. Product development directors typically earn an average annual salary.
List of Industries in Capital Goods?
- Chemicals Industry
- Electronics Industry
- Textile Industry
- Machinery Industry
- Steel Industry
- Automotive Industry
- Construction Industry
- Energy, Mining and Utility industry
- Aerospace and Defense Industry
Average Wage for Capital Goods Employees
The average salary of a capital goods worker varies depending on job title, years of experience, and location. According to Indeed, an engineer with less than five years of experience working in the Midwest earned a median wage of $64,000 in 2017. A Sales Representative with the same level of experience working in New York City earned a median salary of $85,000.
Furthermore, their respective industries influence the salaries of capital goods workers. For example, the Bureau of Labor Statistics (BLS) just released its most recent report on the employment situation of capital goods workers, which revealed that the average annual wage for these workers is now $81,580. This figure is expected to increase to $84,460 by 2026.
Where Can You Find Capital Goods Jobs?
Capital goods jobs are available in a variety of industries, including aerospace, automotive and transportation, construction equipment and machinery, energy production, industrial machinery and equipment, medical devices and health care technology, telecommunications and IT equipment.
In addition to the industries mentioned above, there are also capital goods jobs in the defence sector. The U.S. Department of Defense (DoD) is the world’s largest single user of capital goods — its 2015 budget was $496 billion. The DoD has numerous job openings for engineers, technicians and other skilled workers who can help with its mission to protect America’s national security interests.
Another place to look for capital goods jobs is in government-funded research organizations such as universities and non-profit organizations like research institutes or think tanks. These organizations often have openings for professionals with advanced degrees who can research emerging technologies that could impact the economy or society at large.
Here are other places where you can go to find capital goods jobs:
- Online job boards – Many websites list jobs in different industries, including manufacturing and logistics. Many of these sites allow employers to post their vacancies directly without having to go through an agency or recruitment firm.
- Social media – Social media is another great place to look for jobs as it’s becoming increasingly popular among recruiters who want to reach potential employees directly through their personal profiles on Facebook and Twitter etc., rather than using traditional advertising methods such as print ads or job boards etc.
Conclusion
Hopefully, you’re now better self-informed about capital goods jobs and careers. Much of this information is ever-changing as our global economy shifts, so if you’re interested in any of these positions, it’s best to become familiar with them sooner than later.