Titanium Economy Could Boost US GDP by $275B

The Titanium Economy is setting the tone for America’s manufacturing push. Best known as industrial tech, the often overlooked manufacturing sub-sector could play a pivotal role in the push for economic advancement by the US. According to analysts, the subsector promises job creation and expansion of the US GDP.

The Titanium Economy encompasses various technologies producing goods that we don’t usually consume but are critical to the functioning of the American economy. According to a recent BanklessTimes.com report, the Titanium Economy could add $275 billion to America’s GDP and create 1.5 million jobs.

The Titanium Economy is future-proofing American manufacturing. These companies use technology as they upscale their staff to enhance their competitiveness. In so doing they guarantee a continuous stream of well-paying jobs and appreciating stock prices. Ultimately, they are the foundation for continual growth while bolstering the supply chain.

BanklessTimes CEO Jonathan Merry

The Cost of Labor Shortage

The industrial job market is struggling, as evidenced by the number of unfilled positions nationwide. According to a recent McKinsey estimate, the industrial sector failed to fill 2.4 million openings in the last decade. That has cost the U.S economy $2.5 trillion, drawing concerns that labor shortages could impede growth.

One solution to this challenge is scaling investments in the industrial tech space. The Titanium Economy companies are looking to fill good jobs that don’t necessarily require a four-year degree. Workers in these positions make more than twice the service sector average or 13% above those working in similar non-degree roles in the private sector.

Moreover, these companies prioritize worker comfort and safety, with features like well-lit facilities and top-notch technologies. This way, they not only ensure worker safety but also raise their morale hence productivity. By investing in their workers, industrial tech firms can realize higher gains for themselves and their shareholders.

How Titanium Economy is Bridging the Labor Gaps

Industrial tech firms are using different ways to bridge the existing labor gap. First, some are partnering with local trade schools and community colleges. These institutions provide them with a steady stream of qualified candidates. They also help them develop custom training programs meeting their specific needs. The partnerships also help them build goodwill in their communities and create opportunities for talented students.

Additionally, they’re improving employee engagement and satisfaction by providing clear pathways to their advancements. This means creating opportunities for them to move up within the company through promotions and upskilling. And it shows the employees that the company is invested in their development and career growth, helping to attract and retain talent.

Finally, some companies are opening themselves up to employee ownership through stock purchase initiatives. When employees are vested in the business’s success, they are more likely to go the extra mile to ensure its success. Finally, employee ownership can help to create a more egalitarian workplace culture, as everyone has a say in how the business runs.