The capital goods industry brings many great job opportunities for professionals from different sectors. It’s one of the most promising industries with the most growth potential for several occupations.
Since the industry offers so many opportunities for advancement, countless professionals consider pursuing a career in capital goods. If you are one of them, you’re probably wondering if there is a job in the industry that fits your unique skills and needs.
Today, we’ll delve deeper into the capital goods industry to explore its role, job opportunities, requirements, and more.
The capital goods industry is among the largest sectors of the economy in the United States. The industry is among the main contributors to creating open job positions across millions of companies from several sectors, such as:
- Computer manufacture;
- Construction equipment;
- Medical technologies and devices;
- Military defenses;
The capital goods sector encompasses businesses of all shapes and sizes, ranging from small business companies with a few hundred employees to corporations with several thousand workers.
One of the best things about this sector is its insatiable potential for growth. It continuously grows and expands into new markets, becoming an omnipotent, all-encompassing industry with a focus on AI technologies, automation, robotics, specialization, and manufacturing.
Capital goods companies manufacture physical assets such as building structures, computing devices, and various machinery. They provide the means to enable other businesses to produce their goods. According to the most recent statistics, the capital goods sector will continue to grow at a 6% rate in the next four years.
The primary role of the capital goods industry is to help the country’s economy. The capital assets sector is an essential part of the domestic economy as it actively contributes to an effort to increase the economy’s production capacities long-term.
Countries like the USA play a critical role in the global production of new capital assets like construction equipment and machinery. The efforts to increase job opportunities allow countless workers to find employment and make work easier by eliminating repetitive manual tasks from everyday operations.
Capital goods companies also harness technology advancements to provide innovative employment opportunities that attract diverse talent. As a result, skilled professionals from different walks of life have found their dream jobs across several industries.
The capital goods industry contributes significantly to poverty reduction and supports both public and private sectors, thus boosting the growth of an economy.
Let’s take a look at some of the best-paying jobs in the capital goods sector.
Mechanical, electrical, and computer hardware engineers are among the highest-paying jobs in the sector. Mechanical engineers typically specialize in electrical or industrial engineering.
Their job is to design solutions for improving production, workflows, and efficiency for:
- Various machinery;
- Maintenance services;
- Industrial tools and equipment.
Electrical engineers provide electricity solutions such as mobile devices, computing machines, power distribution systems, and other types of electrical equipment. Their primary duty is to introduce innovative ways to store, distribute, and generate electricity.
Computer hardware engineers are specialists in designing and developing computing machines and their hardware components, such as CPUs and hard drives.
Here’s an overview of average annual engineer salaries in different engineering sectors:
- Engineering managers – $139.105
- Manufacturing engineers – $72.526
- Senior mechanical engineer – $200K+
- Electrical engineers – $78K-$200K
Quality control managers and inspectors ensure manufacturing products are defect-free and operate according to industrial standards and compliance regulations regarding quality protocols and specifications. According to most recent statistics, a quality control inspector can make between $37K and $268K+ in the United States.
On the other hand, quality assurance managers often cooperate with quality control inspectors to ensure the company’s products meet consumer and industry requirements for quality standards before entering the market.
Computer design technicians or drafters are highly sought-after in the digital business landscape. Their job is to create conceptual design solutions for analyzing, reviewing, designing, and testing products before entering the production phase.
They often work with designers, contractors, and engineers and use software tools to create interactive product designs. Their salaries can range from $37K to $60K+.
In the age of the internet and data-driven business industries, programming has become one of the highest-paid jobs. Today, almost every industry depends on computer programs and devices to automate supply chain management logistics, production, and other vital processes.
The capital goods industry hires coding experts to design and develop automated, integrated systems to manage everything manufacturing-related, from equipment use cases to capital management.
Every industry depends on modern marketing techniques to drive sales, and the compatible goods industry is no exception. Since capital goods companies rely on marketing efforts to sell capital items, such as construction equipment and machinery, they need marketing experts to identify target audiences, approach them through appropriate channels, and present items for sale in an attractive manner.
Architects make building designs a reality. They provide interactive designs of to-be-built structures with all the specifications and requirements to ensure quality, environmental safety, livability, energy efficiency, and more.
Industrial designers and architects design industrial structures and facilities required to produce capital assets. Their expertise is vital to ensuring structural integrity and efficiency. Industrial architects earn between $50K and $69K+ in the United States.
Since transportation vehicles classify as capital assets, they are critical to the capital assets manufacturing process. Therefore, vehicle drivers are in high demand in the capital goods industry.
There are three main requirements for qualifying for employment in the capital goods industry.
Professionals looking for a job in the capital goods sector should have a Master’s or Bachelor’s academic degree. A degree should relate to capital goods fields such as design engineering, data science, computer development, research, financial management, engineering, etc.
Experience is always an advantage, no matter the industry or the position you aim for. It can help you stand out from other candidates.
Computer literacy has become a paramount requirement in the modern-day age. Since every industry relies on the internet and technology today, your computer and machinery knowledge could give you an edge over other applicants.
Although the exact number of open positions in capital goods varies, the most trusted sources estimate that there are between 970K and 1.2+ million job openings in the industry. This number could increase to 7.3 million job opportunities annually by 2030.
Let’s see how many jobs are available in capital goods at the moment:
- 150K+ manual labor jobs;
- 4,000 openings in the engineering sector;
- 1,000 open positions in the sales field;
- 200K job openings in the construction industry;
- 970L+ job openings in manufacturing.
According to the Job Openings and Labor Turnover Survey, there were 1,079,000 job openings in wholesale trade and manufacturing in June 2022.
Aside from numerous job opportunities, the capital goods industry might appeal to a pool of job seekers for various reasons:
- Top-rated companies – the capital goods industry gathers the best companies in the world, such as Siemens, Boeing, Ford Motors, Union Pacific, etc. These corporations have been around for a long time and offer high-end career opportunities for top talent.
- Industry-specific entry-level jobs – the capital goods industry provides many entry-level positions. That makes it an ideal option for young professionals looking for on-the-job training and lucrative career opportunities.
- Potential for personal and professional growth – the sector has been expanding at a steady pace and is expected to continue to grow in the future.
Applicants have flexible options for exploring various fields and positions at their hands. In addition, capital goods companies offer high salaries and beneficial compensation packages to employees.
If you need valuable resources for finding the highest-paying jobs in capital goods, here are some options for your consideration:
- Online job boards – browse current open jobs by location, position, job title, company, etc.
- Professional organizations – discover top networking opportunities to connect with professionals from various industries and receive the latest updates on open job positions in the capital goods industries.
- College career centers – students can receive the latest information regarding the job market in capital goods.
- Internships – many capital goods companies offer internships to interested applicants that can lead to full-time employment.
- Corporate websites and hiring portals – capital goods organizations periodically post listings of available new positions on the careers pages that could help you identify the best employment opportunities.
Since the capital goods industry is still expanding, this sector will continue to reach new highs and provide many growth opportunities for millions of professionals with various backgrounds. According to some forecasts, the industry could achieve 20% growth in the following years.
The ever-increasing population will only increase the demand for capital assets, making the sector the perfect option for serious professionals looking for job opportunities. Since the industry has some of the most well-established companies, you can even further your professional development internationally.
These corporations offer high salaries and other employee benefits, such as various insurance policies, paid time off, tuition reimbursement, retirement plans, etc.
The capital goods industry is a vital part of every country’s economic ecosystem. The sector provides numerous opportunities for top talent, job seekers, and professionals looking for job security, professional development, career advancement, on-the-job training, and entry-level and senior roles.
If current trends are any indication, the industry will continue to expand rapidly over the coming decade. The number of capital goods businesses is increasing monthly, creating new job opportunities across the sector.
Since the industry offers many employment opportunities, job seekers can connect with future employers through industry events, job fairs, trade exhibits, etc. Whether you’re looking for career opportunities in sales, engineering, manufacturing, or management, capital goods are a surefire way to ensure a path to a prosperous future.