Author: Paul Ploumis21 May 2015 Last updated at 05:11:35 GMT
SEATTLE (Scrap Monster): The recent study conducted by the Institute of Scrap Recycling Industries (ISRI) indicates that scrap industry plays a prominent role in US export market. According to ISRI, the scrap recycling sector is responsible for creating nearly 125,000 jobs through its exports. Also, exports account for nearly 26% of the industry’s economic activity. The study was conducted by John Dunham and Associates, a Brooklyn, N.Y-based research and consulting firm.
The scrap recyclers play crucial role in maintaining the country’s balance of trade position. The US scrap recyclers export their products to more than 160 foreign destinations. The industry has gone through extremely difficult period during the past one year. The slowdown in West Coast ports and sharp decline in commodity prices during the course of the year affected the industry badly. However, the industry has successfully overcome the difficulties and generated millions of dollars in federal, state and local tax revenues.
According to the study report, the country exports almost 28% of the total scrap materials processed in the country. An additional 46,000 around indirect jobs will be generated by the scrap recycling industry during 2015. This is in addition to the existing 39,022 jobs related to scrap export activities. The scrap activity is estimated to generate $28.34 billion in economic benefits in the US. It contributes $1.31 billion in tax revenues for the federal government and $1.65 billion in state and local revenues.
The report states that scrap recycling industry continues to serve domestic manufacturing industry, while continuing to be a major player in the US export market. The scrap recycling industry is the first link in the manufacturing supply chain, the report notes.