The U.S. Scrap Market Generates Billions Annually
Earlier this year, the Institute of Scrap Recycling Industries (ISRI) released an Economic Impact Study revealing that the industry generates more than $105 billion in annual economic activity in the United States and accounts for nearly half a million U.S. jobs. For comparison, the Australian Scrap Metal Industry generates $2 billion annually and is responsible for approximately 2,400 jobs. Read on for a closer look at this insightful study on metal recycling and a breakdown of the scrap industry’s impact on the U.S. economy.
Total Economic Activity
The scrap metal recycling industry provides 0.68 percent of the nation’s total economic activity. This figure might not seem very significant on its own, but it puts the scrap industry on par with the country’s data processing/hosting, dental, and automotive repair industries.
Federal and state taxes are responsible for a considerable amount of growth in the United States, and the scrap metal industry is a significant contributor. The industry generates approximately $4.4 billion in state and local revenues and $6.8 billion in federal taxes each year. The resulting export activities generate an additional $3 billion in state and federal taxes.
Job Creating Industry
With the national unemployment rate as high as 11 percent by some accounts, it’s good to know that the scrap industry is one of the leading job creators in the United States and will continue to provide well-paying jobs for Americans. According to the ISRI report, the metal recycling industry is responsible for 471,587 direct and indirect jobs in the U.S. that pay over $30 million in wages and benefits annually.
Tucson Iron and Metal is proud to be one of the leading metal recycling companies in Tucson and a contributing force behind one of the most important industries in the United States. Whether you’re looking to buy or sell scrap metal in Tucson, we offer competitive prices and customer service that’s second to none. For additional information on metal recycling, call us at (520) 884-1554.