The supply chain in the U.S. builds and provides essential goods that keep the economy moving. Because it supports all types of businesses, in 2018, the U.S. supply chain accounted for 37% of all jobs in the U.S. This is over 44 million people. This supply chain sells goods and services to businesses and government entities and these figures do not include business-to-consumer sales. Contrary to what some may think, supply chain services jobs are growing because they are abundant and pay well. Many of these jobs are based on innovative skills that require science, technology, engineering, and math. Supply chain industries also are incubators for patents and new technologies.
Innovation and STEM Skills
Supply chains help the economy by employing skilled workers with STEM backgrounds that can innovate and excel at problem-solving. They also support regional industries by being located near their business partners and channels. This proximity helps support the buyer-supplier relationship and supports local economies.
Supply chains are vital in creating innovation, good jobs, and maintaining business operations running smoothly, thereby supporting the economy, and keeping the business world flowing.
Supply Chains Can Also Cause Pain
On the other hand, negative effects on the supply chain can cause headaches for businesses, consumers, and the economy. Although supply chains are mostly B2B, consumers feel the pressure when something disrupts them. Delays or mishaps throughout the chain can cause higher prices and shortages of goods. These shortages can affect commodities and high-end goods as well. Continual supply chain disruptions are felt by consumers and negatively affect their confidence and buying power.
Therefore, ensuring well-run and efficient supply chains is crucial to maintaining business relationships, business transactions, and supporting consumer confidence. This helps keep the economy running efficiently and facilitates economic growth.
—Robert Vergara
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