If you’re interested in a career in capital goods, there are literally millions of job openings to choose from. Unlike many industries, capital goods tend to be a concentrated source of employment, with a majority of positions in manual labor. Capital goods are one of the 4 leading economic factors.
In a nutshell, there are approximately 1.4 million capital goods jobs out there. According to Statista, there are thousands of job opening in the Capital goods sector each year with profound scope and salary.
These positions may require an advanced degree or specialized on-the-job training, or you may only need a high school diploma. There are many ways to get a job in this sector, including applying for government jobs.
How Many Jobs Are Available in Capital Goods?
The capital goods industry encompasses a broad range of career paths, making it challenging to pinpoint the exact number of jobs available. However, estimates suggest that there could be as many as 1.3 million jobs in the capital goods sector within the U.S. This industry includes diverse roles such as operating machines, assembling goods, and distributing energy, all of which fall under “production occupations” as categorized by the Bureau of Labor Statistics (BLS).
Despite an expected overall decline in these production occupations from 2022 to 2032, the BLS projects that there will still be a significant demand for replacement workers, resulting in approximately 933,000 job openings each year.
In addition to production roles, other positions in the capital goods sector are expected to see growth. For example, industrial production managers overseeing manufacturing activities and ensuring efficiency are anticipated to see a 2% increase in job openings, with about 3,600 positions available annually between 2022 and 2032.
Moreover, jobs for industrial engineers who optimize production processes and facilities are projected to grow by 12% during the same period. This variety in job roles and growth projections highlights the dynamic nature of employment opportunities within the capital goods industry.
What do Capital Goods Pay?
In the capital goods sector, entry-level positions such as production workers or assembly line technicians typically start with a salary around $30,000 to $40,000 per year. As you gain experience and move into roles like quality control inspectors or maintenance technicians, you can expect to earn between $50,000 and $70,000 annually.
Mid-level positions, including project managers and supply chain coordinators, offer salaries in the range of $80,000 to $100,000. Senior roles, such as engineering managers or plant managers, often command salaries between $110,000 and $150,000. Top executive positions, like vice presidents and CEOs, can earn well over $200,000 per year.
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Is Capital Goods a Good Career Path?
Capital goods can be a rewarding career path due to its stability, growth potential, and diverse opportunities across various industries like aerospace, automotive, construction, and energy. High-paying roles such as mechanical engineers, project managers, and research and development specialists are common in this field, with salaries often exceeding $90,000 annually.
Renowned universities like Massachusetts Institute of Technology (MIT), Stanford University, and University of California, Berkeley offer top-tier programs in engineering and related disciplines, providing a solid educational foundation. Companies like General Electric, Caterpillar, and Siemens are leading employers, offering robust career opportunities and avenues for professional growth.
However, this field requires specialized skills and ongoing training, with advancements in technology potentially disrupting certain roles. Additionally, high-risk work environments can be physically demanding, emphasizing the importance of safety and continuous learning. Despite these challenges, a career in capital goods can be highly fulfilling, contributing to industrial progress and innovation.
Best-Paying Jobs in Capital Goods
Here are some of the best-paying jobs in the capital goods sector. These positions, highlighted in the U.S. News 100 Best Jobs ranking, offer median salaries of at least $85,000. Salary and job growth data are sourced from the Bureau of Labor Statistics.
1. Mechanical Engineer
- Median salary: $96,310
- Job growth potential: 10%
Mechanical engineers design, build, and test various devices and machines, such as electric generators, internal combustion engines, gas turbines, and air-conditioning systems. Their versatile skills are applicable in numerous industries, including capital goods, robotics, automotive, and aerospace.
- Education Required: Bachelor’s degree in mechanical engineering or mechanical engineering technology. Professional engineering license required for independent practice.
2. Marketing Manager
- Median salary: $140,040
- Job growth potential: 6.6%
Marketing managers in the capital goods sector develop strategies to promote products and ensure they meet market demands. They work closely with research and development, sales, and production departments to align marketing strategies with company goals.
- Education Required: Bachelor’s degree in marketing or a related field is advantageous.
3. Business Operations Manager
- Median salary: $98,100
- Job growth potential: 4.2%
Business operations managers oversee day-to-day operations, refine business processes, improve operational efficiency, and manage supply chains.
- Education Required: Bachelor’s or master’s degree in business administration. Certifications like APICS can enhance job prospects.
4. Biomedical Engineer
- Median salary: $99,550
- Job growth potential: 5.1%
Biomedical engineers use their research and engineering knowledge to design medical equipment, such as X-ray machines, MRI machines, and CT scanners. These devices are crucial for healthcare organizations.
- Education Required: Bachelor’s degree in biomedical engineering; some positions may require a graduate degree.
5. Electrical Engineer
- Median salary: $100,830
- Job growth potential: 7%
Electrical engineers design, develop, and test electrical equipment, such as electric motors, radar and navigation systems, communications systems, and power generation equipment. They play a crucial role in various industries, including capital goods, automotive, and telecommunications.
- Education Required: Bachelor’s degree in electrical engineering or a related field. Professional engineering license may be required for certain positions.
6. Industrial Engineer
- Median salary: $95,300
- Job growth potential: 10%
Industrial engineers find ways to eliminate wastefulness in production processes. They design efficient systems that integrate workers, machines, materials, information, and energy to make a product or provide a service.
- Education Required: Bachelor’s degree in industrial engineering or a related field.
7. Project Manager, Construction
- Median salary: $97,180
- Job growth potential: 8%
Construction project managers plan, coordinate, budget, and supervise construction projects from development to completion. They ensure projects are completed on time and within budget.
- Education Required: Bachelor’s degree in construction management, civil engineering, or a related field. Relevant certifications can be beneficial.
8. Aerospace Engineer
- Median salary: $122,270
- Job growth potential: 8%
Aerospace engineers design aircraft, spacecraft, satellites, and missiles. They also test prototypes to ensure they function according to design.
- Education Required: Bachelor’s degree in aerospace engineering or a related field.
9. Environmental Engineer
- Median salary: $96,820
- Job growth potential: 4%
Environmental engineers use engineering principles to develop solutions to environmental problems, such as pollution control and waste management.
- Education Required: Bachelor’s degree in environmental engineering or a related field.
10. Quality Control Manager
- Median salary: $88,580
- Job growth potential: 3%
Quality control managers oversee product development procedures to ensure that products meet quality and efficiency standards. They develop and implement quality control tests and ensure safety regulations are followed.
- Education Required: Bachelor’s degree in quality control, industrial engineering, or a related field. Certifications such as Six Sigma can be advantageous.
These roles in the capital goods sector not only offer lucrative salaries but also provide significant opportunities for career growth and advancement. Whether you’re interested in engineering, management, or marketing, there’s a high-paying position in the capital goods industry that fits your skills and interests.
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What Companies are in the Capital Goods field?
The capital goods field includes companies that produce machinery, equipment, and tools used by other businesses. Some major players in this industry are Boeing, which designs and manufactures airplanes and employs over 150,000 people; Caterpillar, known for its construction and mining equipment with about 100,000 employees; and Union Pacific, a leading railroad company with around 40,000 workers. General Electric (GE), which provides industrial and energy solutions, has over 170,000 employees. Honeywell, producing a range of products from aerospace to building technologies, employs about 100,000 people.
Intel, a key player in semiconductor manufacturing, has around 120,000 employees. Lockheed Martin, a major defense contractor, has roughly 115,000 workers, while Thermo Fisher Scientific, which focuses on scientific instruments and equipment, employs over 80,000 people. These companies play a crucial role in various industries by supplying essential tools and machinery.
Examples of Capital Goods Industry and Their Scope:
There are many jobs in capital goods but which job is good for you, depends on the category you think you can fit in.
Capital goods/consumer products are products that are manufactured by consumer companies from physical objects. These products fall under classification on the basis of different aspects one can on demand-supply, end product, customers, and needed investment.
Mostly it’s the demand and supply that classify the product as capital good from being a simple consumer product.
Here are some following examples for capital goods professions in different capital good industrialization sectors:
1. Textile Industry:
According to Statista, In France and many other countries, textile companies are short of employees. Leaving behind a large opening of Jobs at different scales. There are around half a million jobs in USA for textile employees.
Pay: Starting 2023 on 1st Feb the average annual pay for a Textile Industry in the United States is $64,938 a year.
For statistical Stats: Click Here
2. Steel Industry
Steel industry is one of the oldest professions in the capital goods that has been an evergreen profitable job with many benefits. Steel is like oil and gas, steel is manufactured for the energy sector, packaging, construction work, and transportation with other different uses.
According to Statista, there has been decreased trend in Jobs between 2008 and 2018 by some 16.3 percent. And the number of employees is going to decrease by 2028. This fall will allow different job openings in this sector with a bright future.
Pay: $66,456/year
Frequently Asked Questions
Here are some of the frequently asked questions related to the article how many jobs are available in the capital goods:
1. How Much Do capital Goods Job Workers Make Per year?
There are thousands of jobs in the capital goods industry, and the most common is warehouse worker. Warehouse workers pack goods, prepare orders for delivery, and perform a variety of other duties.
They require a high degree of responsibility, but can be highly rewarding if you’re ambitious and hard-working. The average salary for this job is $33,800 per year. With such a high median salary, working in capital goods is a great option for those who want to advance in their careers.
2. Capital Goods Job Scope and Level?
If you’re looking for a job in the capital goods industry, the demand is high. There’s a lot of room for growth in this field, and many people choose this career over many others. If you’re interested in this industry, visit websites of companies that produce capital goods and explore what’s available.
Then, start searching for a job that interests you and fulfills your professional goals. You’ll be glad you did!
Capital goods occupations are challenging but rewarding. There are many different sectors in the industry, and jobs in these sectors may be highly diverse.
Jobs in capital goods may require a combination of technical skills, and a strong interest in mathematics, science, technology, and engineering. Those who enjoy a challenging career can explore their options and build their own career paths. And no matter your age or education level, there’s a capital goods job for you!
The capital goods industry is made up of businesses that produce big ticket items that are used to create other goods or provide valuable services. It includes a wide variety of subsectors, including construction, transportation, aerospace, and defense.
All types of machines, equipment, and buildings are part of this industry. In addition to these, you can also find jobs that manufacture consumer goods. This is a great field to pursue, because it offers good wages and benefits.
Also Read: How Many Jobs Are Available In Basic Industries
It’s Demand: Summary of Capital goods in Nutshell
The demand for capital goods is increasing worldwide, and a variety of positions exist within this sector. These jobs are in high demand, and they require skills in engineering, manufacturing, and management. Many capital goods jobs require a college degree.
How many jobs are available in capital goods? there are around 1.3+ million jobs worldwide in the capital goods sector divided into different industries in different proportions with most jobs in steel, textile, automotive, etc.
Some of the common duties include designing products, managing manufacturing processes, and overseeing resources. You may also be required to learn how to operate new machines. The demand for new machinery and equipment is also increasing, so there are often many openings in the capital goods sector.