What Do Capital Goods Jobs Pay?
What Do Capital Goods Jobs Pay? | Capital Goods Salary. Capital goods jobs pay an average between $70,000 – $100,000 per year. However, there’s a wide variety of careers available in capital goods. According to statistics from the U.S Bureau of Labor Statistics, there are about 1.3 million jobs available in this sector and also the Manufacturing sector. Kamerpower.com
The salary in the Capital Goods sector is reasonably okay to keep one soul and body together. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, and the number of years you have spent in your profession.
What Are Capital Goods?
Capital goods are items that are used to produce other goods or services. They are also known as durable goods, because they typically last for a long period of time. Capital goods can be used in the production of both consumer and investment goods.
For example, a company that manufactures machines used to assemble vehicles would be classified as a capital goods company. The industry includes a wide variety of companies of different sizes, many of which are in the manufacturing sector.
What Do Capital Goods Jobs Really Pay?
There are a wide variety of jobs available in the capital goods field. At the entry level, an assembler makes $26,000 per year (though the average salary for an assembler is $31,000 per year). Another entry-level position in the capital goods industry is quality control inspector, a position which garners $30,000 per year at the entry level and upwards of $50,000 per year with more experience. On the higher end, software developers make more than $100,00 per year, while the top-paid mechanical engineers make more than $120,000.
Here are common jobs in the capital goods industry and their pay rates:
1. Warehouse Worker
A warehouse worker’s responsibilities include stocking various products, placing an order, packaging, and preparing orders for delivery. Additionally, they are also entrusted with tracking and unloading shipments. The average annual job pay of a warehouse worker is $33,841 per year.
2. Manufacturing Engineer
They look after the machinery and the overall process. One of their key responsibilities is to identify areas of improvement in the equipment and the process. Further, he also oversees the production line, efficiency, and troubleshooting aspects. The average salary is close to $80,000 per year.
3. Assembler
The primary function of an assembler is to understand how different parts come together to create the final product. He should know how to measure and connect various components. Technical know-how is a must, but a high level of formal education or qualifications is not required. An assembler makes $ 32,592 on average annually.
4. Quality Control Inspector
Quality is the cornerstone of manufacturing. The quality control inspector must ensure that various quality standards are met. These quality standards are reviewed in terms of processes, specifications, materials used, and so on. A quality control inspector earns over $40,000 per year on average.
5. Manufacturing Technician
A manufacturing technician makes $47,985 each year. They have to set up and operate the equipment. Additionally, manufacturing technicians inspect and test products and assemblies. A manufacturing technician’s responsibility is to ensure that the equipment is running smoothly, which involves setup, calibration, and maintenance of machinery.
6. Sales Manager
Sales managers in the capital goods industry typically earn six-figure salaries. They are responsible for managing a team of salespeople and ensuring that they meet their quotas.
7. Robotics Engineer
A robotics engineer works on designing automation tools and electromechanical robots. These robots can be programmed to perform repetitive or hazardous tasks, resulting in a safer working environment for everyone. Finally, a robotics engineer earns $93,364 on average annually.
8. Fabricator
A fabricator has to create a finished product. To do this, he puts together the components according to an instruction manual. Moreover, fabricators have to be familiar with blueprint designs. He needs to be comfortable with technology and possess a high degree of skill. His mean salary is upwards of $38,000 per year.
9. Mechatronics Engineering Technician
Mechatronics Engineering Technician applies a combination of engineering theories such as electronics, computer sciences, and mechanical to develop, modify and test machines. So, these machines are used in various stages of production. A mechatronics engineer makes close to $90,000 per year on average.
What Companies are in the Capital Goods Field
There are many different types of companies that make up the capital goods field such as:
1. Machine Tool Companies.
These companies make tools that are used to make other products. Machine tools can include lathes, milling machines, and drill presses. Some examples of machine tool companies are Okuma America Corporation, Haas Automation and Yamazaki Mazak Corporation.
2. Construction Equipment Companies
These companies make equipment used in the construction industry, such as excavators, bulldozers, and cranes. Some examples of construction equipment companies are Caterpillar and Komatsu.
3. Aerospace and Defense Companies.
These companies design, develop, and manufacture products for both the military and civilian markets. Some examples of aerospace and defense companies are Boeing, Lockheed Martin, and Northrop Grumman.
Can a tech job be gotten in the capital goods industry?
The capital goods industry is a vital part of the US economy, and it offers a wide range of job opportunities for people with the right skills. If you’re thinking about a career in the capital goods industry, you may be wondering what kind of salary you can expect to earn.
Generally, jobs in the capital goods industry tend to pay relatively well. According to data from the U.S Bureau of Labor Statistics, the median wage for workers in the capital goods sector was $34.06 per hour in May 2018, which works out to an annual salary of just over $70,000.
Conclusion
To conclude, capital goods jobs tend to pay higher wages than jobs in other sectors of the economy. This is because capital goods jobs tend to require more skills and training than other jobs. Capital goods jobs are also often more complex, and require workers to have a better understanding of how the economy works. To have a successful career as a capital goods specialist, you must have some skill-sets which include excellent communication skills, result-driven, curious, courageous and confident, and ready to learn.
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