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Economic Growth through Engineering

economic growth economy

It’s official: the more a country invests in its engineering sector, the higher its GDP will be.

We all know engineers do an important job that fuels our country’s infrastructure. It is engineers who are behind our country’s physical infrastructure, from roads to bridges to dams and waste management -as well as digital infrastructure, like the communications and navigation networks that are part of daily life. In fact, you can find an engineer in almost every field, including manufacturing, healthcare, research and more! With engineers playing such a prominent role in our country’s infrastructure it’s no surprise that engineering has a direct effect on the country’s economy.

Engineering and Economics

A study conducted by the Royal Academy of Engineering (RAEng) in the UK found that the amount a country invests in engineering directly affects the country’s GDP. The research, gathered by the Centre for Economics and Business Research (Cebr) found that there is a direct link between a country’s investment in engineering and it’s GDP per capita. In order to come to this conclusion, the study measured the strength of the engineering sectors of 99 different countries. After ranking and analyzing their data, the researchers discovered that a 1% increase in the Engineering Index correlated with a 0.85% increase in GDP per capita. It follows that the more a country invests in its engineering sectors, the higher the country’s GDP is likely to be! For more details on the measurement and procedures visit the links above.

How America Can Perform Even Better

So, how did the United States fare on this Engineering Index? Out of the 99 countries in the study, the United States ranked at 17. This is in the top fifth of countries included in the study, so America’s engineering sector is among those to be admired. However, the United States has room for improvement on the Engineering Index. It has room to increase the number of women in engineering fields. The United States is still lagging behind with only a paltry 19% of engineers being female. However, universities like Dartmouth are encouraging women to join the field; just this year, Dartmouth became the first American university to have more women than men in its number of engineering graduates! Hopefully this will become a trend among other American universities.

Engineering Economic Potential

In an article by The World Economic Forum entitled “Why Engineers are Increasingly Important” the significance and possibilities of engineering are shared. Engineers have the adaptive ability to tackle large-scale issues, including improving struggling economies. The diversity of engineering skill sets in today’s field, expands the capabilities of engineering solutions. These sources reveal that engineers play a vital role, not just in affecting our everyday lives, but also in the health of our economy. So, what’s an easy way to boost the economy? Invest in engineering!

About KCW

KCW Engineering Technologies provides engineering, infrastructure and design services to our clients in the greater Maryland and DC areas. We are honored to help our clients build and grow communities. Every KCW project becomes part of someone’s community; whether it’s a church, an apartment building or a transit infrastructure. We love that our work becomes an important thread of the fabric of people’s lives.

Have a look at our civil engineering, land surveying, land planning, electrical engineering or telecommunications engineering services today.

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Contact KCW Engineering Technologies by calling 410.768.7700 or by clicking here.

 

Sources: 1, 2

This entry was posted on Monday, October 10th, 2016 at 2:50 pm. Both comments and pings are currently closed.

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