Finding a sector with more employment opportunities than capital goods is challenging. Nevertheless, the Bureau of Labor Statistics predicts a 6% rise for this industry between 2016 and 2026, and it publishes data on employment numbers and projected job openings.
There are around 80 jobs that overlap with the industry, though it’s unclear which ones should be included in the capital goods total. For the ten years from 2020 to 2030, it is predicted that those occupations will have an average of 7.3 million job opportunities annually.
If you’re looking for a position with many possibilities for promotion, consider pursuing a career in capital goods. With strong economic and steady job growth, the capital goods industry will undoubtedly offer plenty of opportunities.
What Are Capital Goods?
Capital goods are the products or physical objects necessary to produce other goods and services. The term can also mean any fixed asset, including but not limited to machines, vehicles, buildings, equipment, and tools.
These tangible items have a longer lifespan than usual and can be used continuously in production. Moreover, capital items can be exported, sold to other companies, or used to manufacture other commodities and services, making them crucial for the economy.
They also help businesses boost their efficiency and productivity, leading to a strong economy, creating jobs, and higher profits. Lastly, both businesses and individual consumers can purchase capital goods. Some sectors include the construction industry, transportation, aerospace, and defense.
Why Choose the Capital Goods Industry as a Career Path?
The capital goods industry is attractive to some job seekers for various reasons, including:
- The industry has many companies which have been around for decades, such as Caterpillar, John Deere, Honeywell International, and General Electric which are considered stable.
- There are many entry-level jobs in the capital goods industry, making it a good place to start your career and receive on-the-job training.
- Solid job security as there will always be a need for individuals to deliver goods and services.
- The industry is fast-growing, and more jobs are expected in the coming years.
- You can work from home, allowing you to spend more time with your family.
How Many Jobs Are Available in Capital Goods?
Recent studies estimate that the capital goods industry employs roughly between 970,000 and 1.3 million people, so there are many different work roles from which to choose. These jobs range from assembly roles to quality control, and although the capital goods industry experiences high competition, it can be lucrative.
The number of job openings in the capital goods industry also varies depending on the specific role you are interested in and also on the source you reference. Therefore, if interested in this subject, it is important to hunt for specific positions and find out how many openings there are.
A bachelor’s degree or specialized certificate increases your chances of finding a career in capital goods with a higher average yearly salary. So, if you are looking for stable career opportunities with good benefits and pay, working in the capital goods industry could be for you.
What Are the Types of Capital Goods Jobs?
The capital goods industry varies regarding job openings, and the average salary ranges with job title, location, and experience. There are two types of capital goods jobs in the industry, and they include:
1. White Collar Jobs
Most white-collar jobs require a bachelor’s degree or higher qualification. Also, a wide variety of white-collar jobs are available in the capital goods industry because “capital goods” comprise a large range of commodities associated with production.
Below are some white-collar jobs in the job market:
a) Financial Controller
Working for banks or in the financial industry does not need having extensive knowledge of Excel modeling or general finance. But, manufacturing depends heavily on cost management and financial modeling.
Lead accountants are essentially financial controllers for capital goods industries. When the price of raw materials or equipment rises to maintain production, they can help outline a company’s financial structure and crunch the numbers.
b) Computer Programmer
In the current era of automation, production processes and supply chain management logistics heavily rely on computers and computer programs.
The capital goods industry relies heavily on computer programmers because they develop integrated systems to manage all the capital equipment used in manufacturing. Therefore, if you have a degree or specialized certification in computer programming, many positions are open to you in the capital goods sector.
c) Industrial Architect
Before a building can start on a plot of undeveloped ground, an architect must design the house. Similarly, if you want to develop a factory or any building required for production, you’ll need to hire an architect with experience in industrial design.
Industrial architects are in high demand because they play a crucial role in ensuring that factories are as efficient as possible through careful design and spacing. Industrial engineering managers typically earn between $55,405 and $69,351 per year in the United States as of May 27, 2022, with $61,445 as the average yearly wage.
d) Marketing Manager
The capital goods industries place equal importance on marketing and sales, which are situated toward the conclusion of the production cycle. Moreover, sales and marketing expertise are extremely valuable since capital items, such as machinery and construction equipment, are sold to factories and other production facilities that need them.
2. Blue Collar Jobs
In the capital goods industry, white-collar and blue-collar positions coexist. Since production logistics are only one side of the coin, consider how the capital goods industry produces its products.
There is a significant need for many blue-collar skills for manual labor jobs, especially those involved in production.
a) Production Workers
Without production workers, there would be no production, making them some of the most important capital goods employees. In a manufacturing facility, a production worker creates goods and manages the smooth operation of production.
These individuals play a critical role in manufacturing because they ensure that products move smoothly from one step of the production process to the next.
b) Vehicle Drivers
Transportation vehicles are classified as capital goods in the capital goods manufacturing cycle. Therefore, there is a significant demand for drivers who can operate vehicles used in production.
You could be able to work operating trucks or forklifts for a manufacturer if you’ve previously driven these types of vehicles. Any specialist license, such as a trucker’s license, will be an invaluable advantage in your job search for capital goods jobs.
c) Quality Control Inspector
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A quality control manager is crucial because they ensure that capital products be transformed into valuable goods like consumer goods, so their significance cannot be overstated. Also, the importance shows how many jobs are available in consumer services and goods.
The American Society for Quality and British Standards Institute are the two organizations that give certificates for quality control. A quality control manager will earn an annual average salary of $72,175, making it among the best-paying jobs in the capital goods sector.
Do You Need a Bachelor’s Degree To Work in Capital Goods?
This depends on the kind of work you want to do. For example, many positions in the capital goods industry, like forklift driver or machine operator, don’t even necessarily call for a college degree or previous work experience.
Others, like electrical engineering, mechanical engineering, research and development manager, and manufacturing engineers, need a bachelor’s degree and may call for relevant work experience.
One advantage of working in the capital goods industry is that many businesses offer career paths that let employees advance to more challenging and rewarding jobs as their knowledge and abilities grow over time, even without a degree.
How to Find Capital Goods Jobs
To find a job in the capital goods industry, you will need the relevant skills and qualifications to boost your chances of a successful career in the industry. You will also need good communication skills, and capital goods workers should be able to work under pressure.
However, these skills may apply to any job, including real estate. For instance, how many jobs are available in real estate investment trusts have you seen?
In addition, since the jobs available in capital goods are mostly global, it’s necessary to learn more than one language to land good-paying jobs in the job market. With the right skills and qualifications, you improve your chances of becoming one of the best capital goods workers searched for by most professional organizations.
Resources To Find the Best Paying Jobs in Capital Goods
- Online job boards like Jooble, Indeed and LinkedIn Jobs are a perfect way to find the best-paying jobs available in capital goods.
- Company’s official websites to check if there are new job openings available in capital goods.
- Apply for an internship with a capital goods manufacturer, as most companies consider hiring interns as full-time employees.
- Network with professionals to get relevant information relating to the job market.
- In public offices such as The Department Of Energy or the National Institute Of Standards And Technology (NIST) where you can also find how many jobs are available in public utilities.
Is There an Opportunity for Growth in the Field of Capital Goods?
The new orders for capital goods from manufacturers have been continuously rising since April 2020, according to the Federal Reserve Economic Data (FRED) database. The highest number of new orders was around $74 billion in June 2022.
This sector’s growth is expected to reach about 20% in the next few years. With the growing population and high demand for goods, this industry is a fantastic choice with numerous job opportunities for those who like a challenge and achievement.
You can work in a big company as a manager or director. You’ll have the chance to lead a group of individuals, create ground-breaking solutions, and support the economy.
Conclusion on How Many Jobs are Available in Capital Goods
As capital goods companies invest in new equipment and technology, more job opportunities are available in the capital goods industry. Finding employment in the capital goods sector can be incredibly easy with the help of trade exhibits, job fairs, and industry events.
Attending capital goods industry events can be a wonderful method to learn whether you want a new job or want to see what types of employment are available. We hope this article has been helpful.
Featured Image Credits: maternstaffing.com
Jacky Chou is an electrical engineer turned marketer. He is the founder of Indexsy, Far & Away, Laurel & Wolf, a couple FBA businesses , and about 40 affiliate sites. He is a proud native of Vancouver, BC, who has been featured on Entrepreneur.com, Forbes, Oberlo and GoDaddy.
