How Many Jobs Are Available In Capital Goods?

How Many Jobs Are Available In Capital Goods?

There are 1.3 million jobs available for capital goods workers. The Bureau of Labor statistics publishes data on employment numbers that lists roughly 1000 occupations. 

Which occupations should be counted towards a capital goods is subjective, but there are around 80 that overlap with the sector. In these occupations, there are estimated annual average of 7.2 million job openings for the next ten years.

According to Federal Reserve Statistics, a website that provides information about U.S. economic activity, in June 2022 the amount of money spent on manufactured products totaled approximately $555 billion. 

In comparison, the amount of money spent in June 2019 on all types of manufactured products was around $1.8 trillion. Based on these figures, we can conclude that manufactured products make up roughly 13 percent of all spending.

If we assume the total number of manufacturing jobs is equal to the sum of all capital good jobs, then we can calculate how many manufacturing jobs exist per year. That would give us an estimated 973,823 manufacturing jobs.

The average annual wage for jobs in capital goods was $70,000 per year in May 2019. This data comes from the BLS Occupational Outlook Handbook.

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What Are Capital Goods?

A capital good is something that has a long life cycle, such as a building or a car. The purpose of these goods is to increase productivity and efficiency. They also help us save money because we don’t need to replace them as often.

Examples Of Capital Goods

Capital goods include things like buildings, equipment, vehicles, machinery, furniture, computers, etc. They are used for production purposes.

What Companies Are In The Capital Goods Field?

There are several capital goods companies such as:

  • Caterpillar Inc
  • Cummins Inc
  • Deere & Co
  • Dana Holding Corp
  • Eaton Corporation
  • General Electric Company
  • John Deere
  • International Harvester
  • Navistar International Transportation Corp
  • Paccar Inc
  • PACCAR Inc
  • Pratt & Whitney Canada
  • Volvo Group AB
  • Wabtec Corporation

These companies manufacture equipment for agriculture, construction, mining, transportation, energy, manufacturing, and other industries.

Best Paying Jobs In Capital Goods

The best paying jobs in capital goods include:

  • CAD Technician
  • Quality Control Inspector
  • Mechanical Engineer
  • Manufacturing Engineer
  • Business Development Specialist
  • Product Manager
  • Account Executive
  • Sales Engineer
  • Marketing Manager
  • Electrical Engineer

These positions require extensive knowledge of the industry, which includes understanding how to sell to customers, understand customer needs, and know how to create new products.

Top 8 Best Paying Jobs In Capital Goods

Here we discuss the top 8 best paying jobs in capital goods.

Mechanical Engineer

Mechanical engineers design and build machines such as cars, trucks, trains, airplanes, ships, elevators, escalators, cranes, robots, and many others. 

They work closely with architects, chemists, computer scientists, electrical engineers, materials scientists, mathematicians, physicists, software developers, and many others to create new technologies and solve complex problems.

According to the Bureau of Labor Statistics, employment for mechanical engineers is projected to grow 13% from 2014 to 2024, faster than average.

In 2019, the median annual wage for mechanical engineers was $97,670 per year. According to Pay Scale, salaries vary widely depending on location, years of experience, and education level.

For example, those with less than 5 years’ experience earned an average of $86,000 per year, while those with 20+ years’ experience earned an annual average of $140,000.

A typical day might involve designing and building prototypes, testing equipment, working with suppliers, and writing specifications. 

Engineers may need to collaborate with colleagues in other departments, such as architecture, chemistry, electronics, mathematics, physics, and software development.

Engineers usually start their careers after earning bachelor’s degrees in engineering. Some employers prefer candidates who hold master’s degrees in mechanical engineering.

Engineering knowledge includes math, science, problem solving, communication, teamwork, leadership, and critical thinking. Engineering technology includes CAD/CAM, CNC machining, welding, and programming.

Manufacturing Engineer

Manufacturing engineer jobs in capital goods are available in many industries. They provide opportunities for individuals who want to work in manufacturing but do not necessarily want to become managers. 

According to the Bureau of Labor Statistics, employment of manufacturing engineers is expected to grow 11% over the next decade. However, some experts believe that demand for manufacturing engineers may outpace supply due to increased automation and robotics.

A survey conducted by the Society for Human Resource Management found that salaries range between $65,000 and $110,000 per year. According to the BLS, the median annual wage for all production and nonsupervisory employees was $44,030 in June 2019.

These jobs involve designing, developing, testing, and producing new products. They usually require a bachelor’s degree in mechanical or industrial engineering, computer science, or related field. 

Some employers prefer applicants with advanced degrees such as master’s degrees in business administration or management.

An ideal candidate should possess five years of experience in the same industry. A background in operations research and analysis would be beneficial.

In addition to their professional qualifications, candidates must demonstrate excellent verbal and written communications skills. They need to be able to communicate clearly and concisely with clients, colleagues, and subordinates.

Electrical Engineer

Electrical Engineering is one of the oldest engineering disciplines. There are many types of electrical engineers. Some specialize in power generation while others focus on transmission lines. 

According to the Bureau of Labor Statistics, employment opportunities for electrical engineers are expected to grow by 17% between 2012 and 2022. That means there should be plenty of jobs available for those who want them.

In 2020, the average annual wage for an electrical engineer was $93,000 per year. However, wages vary widely depending on location and level of education. For instance, wages tend to be lower in rural areas than in urban centers. Salaries also depend on whether someone works full time or part time.

An electrical engineer may be responsible for designing new equipment, troubleshooting existing equipment, testing prototypes, and writing specifications for new products. They may also be involved in the development of new technologies.

A typical career path for an electrical engineer begins with an undergraduate degree in electrical engineering. After earning their bachelor’s degree, some students go on to earn master’s degrees in electrical engineering.

Some of the skills required for success in this field include problem solving, critical thinking, creativity, communication, leadership, teamwork, and self-motivation.

Quality Control Inspector

Quality control inspector jobs are available in many industries. They may be found in manufacturing plants, food processing facilities, pharmaceutical companies, chemical manufacturers, and even in government agencies. 

A quality control inspector inspects materials and equipment used in production processes to ensure their safety and effectiveness.

According to the Bureau of Labor Statistics, employment opportunities for quality inspectors are expected to grow by 14 percent over the next decade. There should be plenty of work for qualified candidates looking to get into the field.

In 2019, the average annual wage for quality control inspectors was $56,000 per year. However, wages vary widely depending on location and industry. For example, the highest paying state for quality control inspectors is New Jersey, where the median annual income is $78,000. 

By comparison, the lowest paying states are West Virginia ($38,000), Mississippi ($40,000), and Alabama ($41,000).

A quality control inspector must perform inspections of various types of materials and equipment used in manufacturing processes. 

These inspections may involve checking the accuracy of measurements made by machines, ensuring that parts meet specifications, testing samples of finished products, and monitoring the use of hazardous chemicals. 

Qualified candidates need no prior experience working in the field of quality control. Many employers prefer applicants who have worked in related fields such as engineering, chemistry, biology, physics, mathematics, statistics, or computer science.

Applicants must possess strong communication skills, including the ability to explain complex concepts clearly. They must also be able to read blueprints, schematics, and other documents, and interpret instructions and diagrams.

Marketing Manager

Marketing manager jobs are not new but there are many changes happening in the world of marketing. Many companies are now looking for marketing managers who can manage their business efficiently. 

These days, marketing managers need to be able to work with multiple departments such as sales, customer support, product development, human resources, finance, IT, legal, and others. 

The average annual growth rate for marketing managers in capital goods was 9.8 percent between 2010 and 2015. This represents a compound annual growth rate of 4.6 percent.

According to the U.S Bureau of Labor Statistics, the median annual wage for marketing managers was $79,590 in Dec 2019. According to Glassdoor, the average salary for marketing managers is $85,000 per year.

Marketing managers must be able to communicate with various stakeholders. They must also be able to create strategies that promote the brand. They must also be aware of current trends and issues in order to know what customers want.

It is important for marketing managers to have previous experiences working in similar positions. Having prior experience gives them a better chance of succeeding in their position.

In addition to having previous experience, marketing managers must possess certain skills. They must be able to write clear and concise reports. They must also be familiar with social media platforms such as Facebook, Twitter, LinkedIn, Instagram, YouTube, Snapchat, Pinterest, and others.

Sales Engineer

Sales Engineers play a vital role in the Capital Goods business. They work closely with customers to ensure their requirements are met and support them throughout the sales process. Their main responsibility is to sell new equipment and systems to existing clients.

The average annual growth rate for sales managers in capital goods was 7.4%. This means that sales managers in capital goods had an average yearly increase of 7.4% from 2010 to 2015.

A sales manager salary in capital goods depends on several factors such as experience, location, industry, company size, etc. The average annual salary for a sales manager in capital goods ranges from $60K to $120K depending on the position level.

You will need to demonstrate strong interpersonal skills and be able to communicate clearly and concisely with all levels of staff. You must be able to build rapport quickly and establish good working relationships with colleagues across the organization.

Product Manager

Product managers are responsible for managing product development projects across multiple teams and functions. They work closely with stakeholders to define requirements, manage project timelines, and ensure successful delivery of high-quality software solutions.

According to Glassdoor, the average annual compensation for a product manager was $110,000 in 2018. However, some companies offer higher salaries, while others may pay less.

A study conducted by Pay Scale found that the median salary for a product manager was between $90,000 and $120,000 per year

A product manager has many duties, but here are some examples:

  • Develops plans for new features and improvements to existing products.
  • Creates designs for new features and improvements.
  • Writes code for new features and improvements, such as software applications and websites.
  • Ensures that new features and improvements function properly before deploying them to production environments.
  • Make sure that new features and improvements are ready for use.
  • Keeps track of bugs and issues with new features and improvements after they’re released.

It takes years of experience to become a good product manager. Some experts recommend having 10+ years of experience. Others say it takes 15+.

You need specific skills to become a great product manager. For instance, you’ll need excellent verbal and written communications skills. You’ll also need knowledge of programming languages, databases, and application frameworks.

Business Development Specialist

Business development specialist jobs are available in many industries including manufacturing, construction, retail, technology, healthcare, finance, insurance, education, real estate, hospitality, food & beverage, transportation, logistics, government, non-profit, public sector, and others.

According to the Bureau of Labor Statistics, employment opportunities for business development specialists are expected to grow 20 percent over the next decade. 

Growth rates vary depending upon industry, but overall, the BLS projects that employment for business development specialists will increase by 19% between 2010 and 2020.

In 2019, the average annual wage for business development specialists was $52,000 per year according to the U.S. Department of Labor. According to PayScale, the median salary for business development specialists is $55,000 per year.

Business development specialists are responsible for identifying new customers, clients, partners, suppliers, distributors, investors, employees, vendors, and other stakeholders. 

They may develop relationships with potential customers, prospects, and/or partners, and then nurture those relationships into sales opportunities. They may also negotiate contracts, provide customer support, and manage client accounts.

To qualify for a position as a business development specialist, applicants should have 2 years of related professional experience. Applicants should have demonstrated success in developing new business relationships and negotiating contracts.

Is Capital Goods a Good Career Path?

Yes, capital goods is a great career path for those who want to work in manufacturing. The job market is growing rapidly, and there are plenty of opportunities available. However, you need to be prepared to move around often, and learn new skills quickly.

The Basic Difference Between Consumer Goods And Capital Goods

A consumer good is something that is used for personal consumption, like food, clothing, etc. While capital goods are things that are used for production purposes, such as machinery, computers, etc.

Consumer GoodsCapital Goods
Personal UseProduction Purposes
CheapExpensive
Short Life goodsLong Lasting Goods
Easy To ChangeDifficult To Change
Capital Goods

Benefits Of Pursuing Jobs In Capitals Goods

The benefits of pursuing jobs in capital goods include the ability to work for a company that has a strong reputation, which means you’ll be able to find better job opportunities. 

Also, working for a capital goods company gives you access to a wide range of skills, such as engineering, manufacturing, logistics, sales, and customer service.

  • You can get better jobs in bigger cities.
  • The cost of living is lower than it would be in smaller towns.
  • There’s more opportunity for advancement.
  • It’s easier to find work if you’re willing to relocate.

Skills Required For Working In Capital Goods

A capital goods company provides raw materials for manufacturing other products. The main skills needed for working in capital goods include: mechanical engineering, chemical engineering, metallurgy, and production planning.

Here are some general skills:

  • Ability to work in a team environment.
  • Good communication skills.
  • Ability to handle pressure.
  • Ability to work under tight deadlines.

Conclusions

The conclusion for a job in capital goods is that the company has a great future ahead. They offer high salaries, flexible working hours, and they provide excellent training programs. However, the downside is that the work environment is quite stressful, and it requires long hours.

Frequently Asked Questions About Capital Goods

Because capital goods are used for production, they tend to be less labor intensive than consumer goods. As such, there tends to be a surplus of workers available for these jobs.

A capital good job pays for its own cost plus profit. For example, if you buy a car, you pay for the car itself plus any profits made by the manufacturer. If you hire someone to build a house, you pay for the building materials plus any profits made by builders or contractors.

Capital goods are durable items such as cars, houses, computers, etc. The purpose of these goods is for consumption rather than production. Examples include refrigerators, washing machines, and televisions.

Yes, capital goods are growing rapidly due to the need for infrastructure development around the world. The global construction industry has grown from $1 trillion in 2018 to $3 trillion today. This growth is expected to continue through 2022.


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Alex
By Alex

Alex is one of the industry's most highly-regarded career experts with many years of experience in career development, human resources, job hunting strategies, workplace success, and hiring. Alex is the founder of TheBusinessBeaster.com.Alex also writes about job searching and careers for The Business Beaster.


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