As an engineer, you can expect to earn a median annual salary of $111,520. Plus, as technology keeps advancing at breakneck speed, there’s always room for advancement in any engineering field. Here’s our list of the Top 10 Best Paying Jobs In Capital Goods.
Capital Goods are a vital part of the economy, bursting with opportunities for engineers. If you have an engineering degree, some of the Best Paying Jobs In Capital Goods await you.
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Capital Goods Jobs
High Paying Jobs In Capital Goods jobs are those related to the production of capital goods and the maintenance of capital assets. Capital goods are products that have a high value-to-weight ratio and are not used up in the primary production of other goods. Capital assets are an essential component of productivity, and their maintenance is a crucial step in production.
Capital goods include machineries like tractors, trucks, forklifts, and cranes. Capital assets include buildings, vehicles, and computers. Workers can only acquire specific skills and training through years of experience.
Two million people were employed in capital goods or related industries in 2017, according to Bureau of Labor Statistics (BLS) reports. Of these jobs, about 1 million were classified as technicians or other skilled workers who worked on heavy equipment such as trucks or trains. Another 1 million worked as mechanics who maintained vehicles such as airplanes or ships. The remaining 500,000 jobs were held by people who worked directly with capital assets like architects or construction managers who oversaw building projects.
Best Paying Jobs In Capital Goods Outlook in the USA
According to a report from the US Department of Commerce, the capital goods sector is expected to grow by 8.5% in 2020. The report also projects that capital goods will be one of the fastest growing sectors in the US over the next five years.
The United States is a highly developed country with a free market economy and has the world’s largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It had the world’s eighth-highest per capita GDP (nominal) and the ninth-highest per capita GDP (PPP) in 2022. –wikipedia
Capital goods are non-durable goods that are used in production and manufacturing processes. They are often expensive and durable enough to be considered fixed assets, such as a machine or pieces of equipment. However, they can also be consumable items such as tools or supplies. Capital goods are not sold directly to consumers. However, they are essential for creating other products sold to consumers on an ongoing basis.
The Bureau of Economic Analysis (BEA) uses industry classifications from the North American Industry Classification System (NAICS) when calculating gross domestic product (GDP). It tracks an economy’s overall health by measuring its total output for a given period. Although GDP does not include data for all sectors, it includes information about manufacturing industries, which provides for the production of capital goods.
In 2017, capital goods accounted for $2 trillion in sales (or 6% of total sales) according to BEA data from 2017:
Capital Goods Examples
Capital goods are durable goods used to produce consumer goods. Capital goods include machinery, equipment, and structures used by the business.
Capital goods are purchased for the long-term use of the business. These items do not lose value as fast as consumer goods and can be sold, leased, or rented for years after purchase.
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Examples of capital goods include:
If you are passionate about studying chemical reactions and enjoy working with chemicals daily, becoming a chemical engineer may be the perfect career choice. In this role, you can work in various industries, including manufacturing, energy and environmental, biotechnology and pharmaceuticals. You will be involved in designing processes that produce chemicals in consumer products such as detergents or foods such as bread. Chemical engineers must have extensive knowledge about chemical process design and plant operations. Along with this knowledge base comes significant safety responsibilities with handling dangerous chemicals. According to the BLS, the median annual wage for chemical engineers was $97000 in 2016 (http://www.bls.gov/ooh/architecture-and-engineering/chemical-engineers).
2. Computer Hardware Engineers
Computer hardware engineers design, develop, and test the computer systems used in various industries. They work to improve these systems with new features or to incorporate new technologies into existing products.
They also conduct testing of computer hardware and software for compatibility purposes and evaluate the results. This can involve physical testing of items and simulations using computers and computer software.
Computer hardware engineers typically do some or all of the following:
- Analyze customer needs when designing new products or services related to computing technology
- Design prototypes of devices that use different materials such as fiber optics or plastic to provide better functionality than previous versions have had
3. Construction and Development Engineers
A construction engineer is a person who designs, supervises, manages, and inspects the building of structures. They are responsible for designing structural systems such as foundations, roofs, and walls. They also perform basic measurements like determining levels before installation can proceed. Construction engineers work in various capacities, including private contractors, public agencies, or consulting companies. Some construction engineers have a bachelor’s degree in civil engineering. In contrast, others have advanced degrees in civil or mechanical engineering with an emphasis on construction management or construction engineering.
4. Manufacturing Engineers
Manufacturing engineers are responsible for designing, developing, and improving manufacturing processes. They work with other engineers and managers to improve the efficiency of the manufacturing process. Manufacturing engineers also monitor the quality of their products by conducting tests on various aspects of their production.
5. Mechanical Engineers
Mechanical engineers are often involved in the design of machinery, tools, and engines. They also help with the manufacturing or assembly of these products. Mechanical engineering technologists assist mechanical engineers in performing tasks requiring knowledge of mathematics and technical sciences. Mechanical engineering technicians assist mechanical engineers in their work by performing tasks that require less skill than those achieved by mechanical engineering technologists.
Mechanical engineers design products that are safe, reliable, and energy efficient. They develop economical ways to produce everything from small electric motors to large jet engines for commercial, military, or space applications.
6. Metallurgical and Materials Engineers
Metallurgical and materials engineers are trained to study metals and alloys, as well as the properties of materials. Metallurgical and materials engineers use their knowledge of engineering principles to create new solutions for old problems. They work with various industries, including mining, oil and gas production, aerospace manufacturing, automotive production—just about anything involving metal or other industrial material construction!
7. Mining and Geological Engineers, Including Mining Safety Engineers
The demand for mining and geological engineers is exceptionally high. Mining engineers are responsible for developing new mines and ensuring that safety standards are met within existing mine sites. Mining engineers must ensure that environmental regulations are met and that the quality of ores removed from a site is optimal.
The goal of a miner is to extract resources efficiently while protecting workers’ safety and keeping the environment safe from contamination.
8. Nuclear Engineers
Nuclear engineers are critical to the world’s energy, environmental and global warming solutions. As the electricity demand grows, atomic technology will play an increasing role in meeting that need. And with nuclear power plants already producing 20 percent of the world’s electricity, there is no shortage of work available for these skilled professionals.
The average salary within this profession is $92,000 per year (according to Indeed). However, those who make their hours can earn significantly more than that!
9. Marketing Manager
A marketing manager makes buyers interested in the firm’s products. A marketing manager at a capital goods company needs to understand the unique requirements of their industry. Marketing managers work with sales representatives and help determine the market price of the product.
10 Electrical Engineer
Electrical engineers design and fabricate all the electrical infrastructure to meet the unique requirements of capital goods production facilities. They also develop and create electrical components of equipment used in the production process and maintain all this custom-built equipment.
Capital Goods Salaries Per year In USA Table
Capital Goods Careers
Capital Goods Average Salaries Per Year
Bachelor’s Degree in Chemical Engineering
Computer Hardware Engineers
Bachelor’s Degree in Computer Engineering
Construction and Development Engineers
Bachelor’s Degree in Construction
Bachelor’s Degree in Manufacturing Engineering
Bachelor’s Degree in Mechanical Engineering
Metallurgical and Materials Engineers
Bachelor’s Degree in Metallurgical and Materials Engineering
Mining and Geological Engineers
Bachelor’s Degree in Mining
Bachelor’s Degree in Computer Engineering
Bachelor’s Degree in Marketing
Bachelor’s Degree in Electrical Engineer
These are some of the highest-paying jobs in Capital Goods.
- Capital Goods Purchasing Agent: $120,000 – $130,000
- Capital Goods Buying Specialist: $120,000 – $130,000
- Capital Goods Buyer: $120,000 – $130,000
- Capital Goods Sales Representative: $95K -$110K
The highest paying jobs in the capital goods industry are purchasing agents and buyers. Because this business area is so competitive, companies often offer high salaries for those who can negotiate the best deals on supplies and equipment.
Capital goods are a hot topic right now, and there are many different jobs available to students who graduate with a degree in this field. The pay is high, and you will be well equipped to handle any challenge. So instead of working at Mcdonald’s as most people do after college, consider one of these top-paying careers instead!