We understand how challenging it could be to choose a career path. So, if you are asking, ‘is capital goods a good career path,’ you can be sure we will be lad to give you the answer you need. The capital goods industry is a good place to pick a career, especially for people who would love to work in an industry that is a bit different from the mainstream.
Choosing a career path there can be quite exciting as jobs there comes with his satisfaction. Of course, working in an industry where the pay is lucrative and comes with lots of career and growth opportunities. Plus, there are lots of job opportunities in the industry. In fact, the capital goods industry is one of the industries with the highest job positions for Americans.
If you wonder, ‘is capital goods a good career path,’ you should keep reading this post. Here, we will show you some interesting things about the industry and why you should consider picking a career path there.
What Are Capital Goods?
Capital goods are those durable goods that are used in the production of other goods and services. Most consumer industries use these goods to make their own products which are now sold to the final consumer. Consumer goods include everything from machinery to buildings and vehicles.
Capital goods is a very important industry in any economy as it contributes to the growth of other industries. They lay a huge role in making sure most of the things we use are readily available. Because of this high demand for products produced in the capital goods industry, there are always lots of job opportunities lying around there.
Is Capital Goods a Good Career Path; Examples of Capital Goods
To help you better understand what capital goods are, let’s take a look at some examples. Remember, we say capital goods are goods that is used to produce other goods and services. So examples include machinery, buildings, vehicles, steel, chemicals, equipment, and electronics.
Furthermore, capital goods are not limited to tangible and physical products. They can also be intangible products and services that aid the production of other products or services. Examples are patents and copyrights.
What Is the Job Outlook In Capital Goods?
Still looking at, ‘is capital goods a good career path.’ We should consider the availability of jobs in the sector. There are presently lots of job opportunities in the industry. In fact, in 2021, BLS reported that export prices for U.S. capital goods increased by 3.7%, showing that there is an increase in demand for these goods.
So what’s the job outlook in capital goods? There will definitely be more jobs in the sector in the next decades. As the demand for capital goods continues to increase, there will be a need for more workers in companies in the industry to meet up with the demand.
BLS stated that the majority of capital goods careers are adding plenty of new jobs, and so anyone looking to pick a career path in the industry can feel relaxed that there are enough jobs in there for them.
Is Capital Goods A Good Career Path?
The short answer is yes. Picking a career path in the capital goods industry can be a really good one for someone that loves working in the production industry. But that’s not all. We need to highlight some perks workers in the industry enjoy that make it a great place to venture into.
First, there are tons of job opportunities there. The industry is made of several other industries, and so several career opportunities are lying around there. Products of these industries are also in high demand, so they are always on the lookout for workers to help them meet up with the demand.
Jobs in the capital goods industry are also very rewarding in that you can get good pay for your effort. From entry-level job positions to advanced career positions like engineering managers, you can be sure of earning more than an average worker in similar industries.
Jobs here aren’t boring, and you can stay happy at work knowing that many other companies rely on what you produce to make many consumer products. There are also lots of growth opportunities in the sector.
What Is the Average Salary of a Worker In the Capital Goods Industry?
Do you want to know how much you are likely going to be earning working in the capital goods industry? Interestingly, jobs in the industry pay well – even for entry-level positions. The average salary here is about $60,000 per year.
However, your pay depends on a couple of factors, such as your experience and education level. If you have a degree in electronic engineering and so working as an electronics engineer in capital goods, you can earn as much as $107,000 per year. With that being said, let’s see some top-paying jobs in the industry.
Top Paying Jobs in Capital Goods
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Engineering manager
This person is responsible for coordinating, planning, and directing engineering projects in the industry. An engineering manager must have a degree and years of work experience to get a job in this position. The average salary of an engineering manager is $149,530 per year.
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Marketing manager
Their duty is to make buyers interested in a company’s products. They work with sales representatives and most times help determine the market price of the product. Such an individual should have in-depth knowledge of the industry and the market. The average salary of a marketing manager in capital goods is $141,490 per annum.
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Sales manager
The duty of a sales manager is to lead a team of sales representatives to sell the company’s products. They are well vast in economics and business. The average salary of a sales manager is $132,290 per year.
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Software developer
To function effectively, most companies in capital goods rely on tech. So they need software developers to come in to help with that. Such a person creates computer apps and programs to enhance efficiency in a company. Although they are not directly connected with production, they play a critical role in helping the company stay profitable. The average salary of a software developer is $110,140 per year.
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Electrical engineer
This is another common position in the capital goods industry. In fact, when most people ask, ‘is capital goods a good career path,’ they are simply asking if they can be an engineer in the industry. Electrical engineers design and fabricate all the electrical infrastructure needed in the capital goods industry. They also create electrical components for different processes and operations. The average salary of an electrical engineer in capital goods is $103,390 per year.
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Mechanical engineer
This worker design develops, and tests machinery in the industry. They ensure machinery that finds its way into the industry meets industrial standards and is able to aid production efficiency. They also fix technical faults and make sure all equipment are working at their best. The average salary of a mechanical engineer is $90,160 per year.
Is Capital Goods a Good Career Path; Some Popular Companies in the Industry
Popular companies in the capital goods industry in the U.S are:
- Union Pacific – has more than 10,000 employees working in the company
- General Electric – currently has more than 10,000 employees
- Honeywell International – has 10,000+ employees working in the company
- Lockheed Martin – has more than 10,000 employees
- Northrop Grumman – currently has 90,000+ employees working for them
- 3M – one of the largest companies in the capital goods industry. The company presently has 93,000+ employees
- ABB – employee size of ABB is between 5,000 and 10,000
- United Rentals Inc. – employee size is 10,000+
- Caterpillar Inc. – this company is also a big one and presently has about 10,000+ employees working for them.
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