u According to the latest research released by the American Foundry Association some time ago, the direct output value of the American metal foundry industry in 2020 can reach 44.3 billion U.S dollars, which will drive the overall U.S economy up to 110.52 billion U.S dollars.
u Metal casting is a highly modern industry with a long historical foundation and cutting-edge technology, and it is the backbone of the manufacturing economy. It is an industry with a total economic output of 110.52 billion U.S.dollars, and it, directly and indirectly, provides nearly 500,000 jobs for the United States. The die casting industry is at the core of economic growth, modern infrastructure, and the defense industry.
u Castings are critical to our country's infrastructure, national defense, and quality of life's said Doug KurKul, CEO of the American Foundry Association. This latest analysis clearly shows that the metal foundry industry how importance is our manufacturing economy and the job market.
u However, for the Chinese die casting industry, the United States has an increasing demand for the die casting industry, which has led to a continuous increase in China's castings exports and stimulated more companies to develop the foundry industry. Therefore, the increase in the output value of the American foundry industry not only has an impact on the American economy and the market but also brings more orders to China and more overseas markets.
u The following is the impact of the American die casting industry on the U.S. economy and work from the figure. It can that due to the increase in the output value of the American die casting industry, the U.S. metal casting industry has nearly 500,000 jobs each year, with total wages and benefits exceeding 32 billion U.S. dollars. The contribution to federal, state, and local taxes is approximately $10.59 billion. And at the 2020 online summit held on the Internet, the American Foundry Association published an economic impact analysis, during which die casting manufacturers and decision-makers discussed the chain effect of the die casting industry on the economy.