| Rank ||Country ||GDP in 2011|
|1||United States ||$15,094,025|
|7||United Kingdom ||$2,417,570|
The BEA released data today
on "GDP by industry" for 2011, and reported that U.S. manufacturing output last year reached $1.837 trillion, which was a new record for current-dollar manufacturing output. In constant dollars, last year's manufacturing output was just slightly below the record $1.856 trillion manufacturing value-added in 2007.
If American manufacturing were counted as a separate economy, it would rank as the tenth largest national economy in the world, see chart above (IMF data here
for GDP in 2011), with output just slightly below the entire economy of Russia and ahead of Canada's total GDP.
Bottom Line: American manufacturing is alive and well and poised for even greater growth in the future. Flush with record-level profits, the manufacturing sector has never been financially healthier that it is today and the future of American manufacturing has never looked brighter. After years of negative reports about the decline of American manufacturing, it’s now time to recognize and celebrate a great turning point, as America’s industrial sector moves in a new direction that many are now calling a “manufacturing renaissance.”