The Textile Industry and its Part in Economic Development

The Textile Industry and it's Part in Economic Development

Today, the textile industry goes far beyond the apparel that we see in department stores and what we wear every day. In fact, we have a feeling that when you get dressed every morning, you don’t pause to consider that the textile industry in the United States is, (excuse the pun) woven into the fabric of a successful economy. The National Council of Textile Organizations (NCTO) Chairman William McCrary Jr. recently proved this in remarks at the NCTO’s 15th Annual Meeting in Washington D.C., stating that the President’s pro-manufacturing agenda is already making 2019 a milestone when it comes to the textile industry. Recent legislation changes are forcing our government to rethink existing policies on trade, taxation, and regulatory reform, making our already strong industry even more impactful.

Need further convincing? Here are a few ways textile production is playing a significant part in economic growth and continued development.

It is a Great Employer

At a basic level, the textile industry impacts economic growth simply because it employs a vast number of our country’s population. Select USA states that 2% of the United States manufacturing workforce makes their living in the textile industry; that’s approximately 232,000 workers!

It Contributes to Our National Defense Systems

There are many innovative systems, processes, and organizations that keep us and our families safe on our national soil, and the textile industry is certainly one of them. According to Fibre to Fashion, our industry supplies over 8,000 products a year to our armed forces, and this number continues to expand annually.

It Allows for Constant Technological Development

The textile industry utilizes efficient manufacturing practices and groundbreaking innovations, putting our profession at the forefront of technological development. Fibre to Fashion further explains how the textile industry has approximately $1.2 billion invested in technological development every year. How is this significant in the daily performance of duties? Well, in recent years, this significant (but necessary) spending means textile companies can successfully retool their businesses, discover more efficient work processes, invest in innovative products, and drastically control production costs of $1.2 billion annually in total capital expenditures.

Strong Performance Nationally Leads to Global Power

NCTO recently announced that “the value for shipments for U.S. textiles and apparel was $77.9 billion in 2017, while the U.S. exports of fiber, textiles, and apparel were $28.6 billion in that same year.” This impressive statistic means that our great country continues to be a major economic force on the global stage.

With a wide range of applications in today’s society, the textile industry services multiple markets, making a drastic, positive impact on the American and global economy. Whether bio-medical, industrial, marine, or aerospace, solutions are engineered that have withstood and effectively meet the tests of time. At Fletcher Industries, products are provided to improve the weaving process and further what is possible with textiles and technology. To learn how we can help maximize your profits or efficiency of business, contact us at 910-692-7133 or quality@fletcherindustries.com.

Sources: http://www.ncto.org/2018-state-of-the-u-s-textile-industry-address