Capital goods are high-value items that are used to produce or enhance other goods or services. As such, jobs in the capital goods industry are typically higher-paying than other jobs. This article takes a closer look at what kind of salaries these jobs typically pay and how they compare to other jobs.
Capital Goods Job Salaries
Capital goods jobs typically pay well above the median salary for all jobs. According to the Bureau of Labor Statistics, the median salary for all jobs was $39,810 in 2019. By comparison, the median salary for capital goods manufacturing jobs was $58,770 in 2019.
This means that capital goods jobs pay nearly 50% more than the median salary for all jobs. This is due to the complexity of the tasks required in these jobs, as well as the specialized skills and knowledge needed to perform them.
Capital goods jobs also tend to pay more than other manufacturing jobs. The median salary for manufacturing jobs excluding capital goods was $46,400 in 2019. This is still above the median salary for all jobs, but it is still significantly lower than the median salary for capital goods jobs.
What Do Capital Goods Jobs Pay?
The salaries for capital goods jobs vary depending on the specific job and the company. For example, a manufacturing engineer may make anywhere from $50,000 to $80,000 per year. A production manager may make anywhere from $60,000 to $100,000 per year.
In addition to the base salary, many capital goods jobs also offer additional benefits such as bonuses, stock options, and health insurance. These benefits can add significantly to the overall salary of the job.
In general, jobs in the capital goods industry tend to pay much better than other jobs. This is due to the complexity of the tasks required and the specialized skills and knowledge needed to perform them.
Overall, capital goods jobs are among the highest-paying jobs in the country. They typically pay significantly more than the median salary for all jobs and more than other manufacturing jobs. The salaries for specific jobs in the capital goods industry will vary depending on the job and the company, but they generally offer competitive pay and benefits.
In the current competitive landscape, understanding how much capital goods jobs pay is essential for those looking to enter the industry. Capital goods are items of economic value that are produced in order to create other goods and services. They are a vital component of economic growth, as they enable businesses to create the equipment and machines that are essential for operations.
In the capital goods sector, wages and salaries vary depending on the type of job and professional level. According to the US Bureau of Labor Statistics, the median wage for machinists is $43,820 per year as of 2020. Metal and plastic machine workers earn a median wage of $37,040, while workers in the cutting and sawing machine industry make a median wage of around $37,230. Wages for those in the power and hand tool manufacturing industry range from $20,510 to $62,030 a year.
At the professional level, salaries for capital goods jobs are significantly higher. Management positions, such as plant and manufacturing managers, earn a median wage of approximately $100,220 a year. Tool and die makers, non-supervisory positions, typically make a salary in the range of $42,000 to $70,000 annually. Engineering roles in capital goods are among the highest-paid jobs in the industry, with engineers earning a median wage of around $98,000 a year.
In conclusion, understanding the average wages for capital goods jobs is important for those looking to enter this sector. The specific industry and professional level for a given role will dictate the income potential for the job.
