In the 2000s, total private capital stock grew 13 times more than manufacturing capital stock (22 percent versus 1.8 percent).
ITIF was not surprised by the Department of Labor's most recent unimpressive data on manufacturing job gains. American manufacturing declined sharply over a decade and, as ITIF showed back in March, total private capital stock grew 13 times more than manufacturing capital stock (22 percent vs. 1.8 percent) in the 2000s. Compare this to growth in the funds and trusts industry (e.g., the mutual funds industry) and performing arts and spectator sports (e.g., sports stadiums), which grew 64 percent and 90 percent, respectively. The market has allocated capital away from well-paying manufacturing jobs for too long and the result is static job creation.