The Institute of Scrap Recycling Industries recently completed an exhaustive economic impact report. The report shows that overall, when measuring the direct impact, and indirect impact of the scrap recycling industry: the industry generates over $105 billion annually in the U.S. and helps support more than 471,000 jobs nationwide currently. Among this, the export of scrap metals accounts for the largest percentage of economic impact within the industry, accounting for 26.8% of economic activity. This contributes to 0.68% of the U.S.’s Gross Domestic Product and therefore puts the industry on par with the economic impact of the automotive recycling industry.
When analyzing the direct impact from the industry, over 149,000 jobs are involved in the manufacturing operations of scrap metal recycling in the United States, with over $45.6 billion dollars of the total economic impact of the industry deriving directly from scrap facilities. Despite tough economic conditions lately, since 2013, the industry has increased direct economic activity by over 30% and both direct employment as well as total tax contributions across a federal/state/local level by over 8%. Clearly, this is making a great case of how an industry that can support an overall green message/end-product, that it can also thrive in difficult economic, as well as market conditions, and generate new jobs. Currently, not many industries can make that last claim, never mind the rest!
When reviewing their state-level data, the top states with the largest scrap metal industries are no surprise with California leading the pack with an economic output of over $12.5 billion, followed by Texas with over $9.8 billion being generated annually, and Ohio rounding out the top 3 generating over $5.7 billion. Just these three states generate over a quarter of the nation’s output in the scrap recycling industry. Want to see where your state stacks up? How about your local area? Well, you’ll be able to do just that, just check out this handy tool that the ISRI has set up, and you’ll be able to filter as granular as your state’s house district to view the total amount of jobs, wages, and economic impact that the scrap recycling industry has in your area. You will also be able to view these attributes through their direct industry impact, through suppliers supported by the industry, the overall induced impact. Give a shot, I’m sure you’ll be quite interested by the results, check out what impact the industry has in your area!
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Lisa Crowell, News Desk