Study shows service centers play critical role in economy
Mar 26, 2013 | 07:00 PM
| AMM staff
While service centers focus most of their attention on customer needs and company operations, they dont mind spending a little time spreading the word that they play a significant role in the broader U.S. economy.
A recent study commissioned by the Rolling Meadows, Ill.-based Metals Service Center Institute (MSCI) shows that the metal production and distribution industry contributed more than $552 billion to the U.S. economy in 2012, or more than 3.5 percent of the nations gross domestic product.
MSCI president and chief executive officer M. Robert Weidner III pointed to the results as validation for the industry, which provides much-needed jobs. Our industry and our members play an important role in our countrys economy, he said. We need both local and national elected leaders to pay attention to the issues and needs of the metals industry for it to remain viable and for industry executives to have the confidence to reinvest in and grow their companies. The future strength of our country depends on it.
The study, conducted by John Dunham & Associates Inc., New York, found that metal producers and service centers directly or indirectly employ nearly 2.5 million Americans who will earn approximately $151.4 billion annually in wages and benefits. Members of the industry and their employees pay about $64.5 billion per year in federal, state and local taxes.....
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