Why manufacturing matters; Study released by Raytheon.LEXINGTON, Mass.--(BUSINESS WIRE)--Sept. 22, 1995-- Raytheon Company released a study today, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Manufacturing in Massachusetts: Why Does it Matter? How Have We Done? Where Do We Stand? that spells out the importance of manufacturing to the Massachusetts economy. The study also concludes that a competitive manufacturing sector in Massachusetts is an achievable goal and is vital for a healthy, diversified Massachusetts economy. The study, which was underwritten by Raytheon, was conducted by Professor Richard K. Lester, Director of the MIT MIT - Massachusetts Institute of Technology Industrial Performance Center; Andrew Bernard Andrew Bernard of John Fred and the Playboy Band is not the American economist listed here. For The office character, see Andy_Bernard Andrew B. Bernard is an American economist, currently the Jack Byrne Professor of International Economics at the Tuck School of Business , Assistant Professor of Economics at MIT; Frank Levy, Daniel Rose This article is about the Oxford United midfielder. For the Tottenham Hotspur player, see Danny Rose. Daniel Rose (born 21 February 1988 in Bristol, England) is a footballer, currently playing for Oxford United. Professor of Urban Economics at MIT; and Micky Tripathi, research staff member at the MIT Industrial Performance Center, all of whom were acting in a capacity as consultants to Raytheon. Some highlights from the study: o One measure of the importance of manufacturing is the number of jobs it provides. Currently, manufacturing employment in the Commonwealth stands at about 450,000. More than 200,000 manufacturing jobs have been lost over the past decade, but 15% of the Massachusetts workforce is still employed in the manufacturing sector-- about the same proportion as for the U.S. as a whole. o On average, manufacturing jobs in Massachusetts pay significantly higher wages than jobs in other sectors. The wage premium for manufacturing workers applies across the educational spectrum, from the state's most highly educated workers, i.e., those with graduate degrees, to those with a high-school diploma or less. For example, wages for young male blue-collar workers blue-collar worker n → obrero/a blue-collar worker n → ouvrier/ère col bleu blue-collar worker n → are 4-15% higher in manufacturing than in other industries. For young female workers the manufacturing wage premium is higher still. o Moreover, manufacturing jobs are more likely to be filled by workers without college degrees than in other industries. This is especially true of women workers: more than 50% of the female workforce in manufacturing has no college education, compared with about 30% in other industries. o Over time, the proportion of Massachusetts school leavers earning college degrees will gradually increase, but even today only 50% of high-school graduates plan to obtain a 4-year college degree, and for the foreseeable future tens of thousands of young men and women without college degrees will enter the Massachusetts labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience each year looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. work. One of the most important contributions of manufacturing to the state economy is its ability to provide relatively well-paying jobs to this important segment of our population, especially at a time when other attractive employment opportunities for this group are growing scarcer. o Manufacturing industry is also at the center of much of the research and development in the state. The Massachusetts economy is actually the most R&D - intensive in the nation (aside from New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). ). This has helped to give our economy its distinctive character and dynamism. Many associate the R&D-intensive nature of the Massachusetts economy with its world-class universities and medical research facilities and the federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve they attract. But, in fact, about half of the state's R&D funds come from manufacturing industry, and manufacturing firms themselves conduct well over half of all R&D that is performed here. A significant fraction of the R&D is closely linked to downstream manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . If manufacturing jobs leave Massachusetts, the R&D jobs will probably follow. Dr. Richard Lester, who led the study effort, is the founder and director of the MIT Industrial Performance Center and a professor of nuclear engineering at MIT, where he has taught since l979. His current research is focused on innovation and the organization and management of complex technical enterprises. His recent publications include Made in America: Regaining the Productive Edge, a report of the MIT Commission on Industrial Productivity, of which he was the executive director. Inquiries concerning the report can be directed to Dr. Lester at (617) 253-7704. -0- Raytheon Company, headquartered in Lexington, Mass., is a $12 billion international, high technology company which operates in four businesses: commercial and defense electronics, engineering and construction, aviation, and major appliances A major appliance is usually defined as a large machine which accomplishes some routine housekeeping task, which includes purposes such as cooking, food preservation, or cleaning, whether in a household, institutional, commercial or industrial setting. . CONTACT: Raytheon Elizabeth Allen Elizabeth Allen may be:
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