UNITED STATES May 24 2015 1:00 PM
NEW YORK (Scrap Register): The Institute of Scrap Recycling Industries (ISRI) has released a new Economic Impact Study revealing that the industry accounts for nearly half a million jobs in the U.S. and generates more than $105 billion annually in economic activity.
The study was performed by the independent consulting firm of John Dunham and Associates to explore the size and scope of the scrap industry in the U.S., and measure its significant contribution to the economy in terms of employment, tax generation, and overall economic benefit.
“Despite the challenging landscape of today’s global marketplace, scrap recycling has proven to be a resilient, job creating, and economy driving industry,” said Robin Wiener, president of ISRI.
“As the first link in the manufacturing chain and as a major exporter, the scrap recycling industry is a leading indicator to the overall health of the U.S. economy. While the last several months have been difficult for commodities, this study suggests hope for a rebound,” Wiener added.
According to the report, the recycling industry is responsible for 471,587 direct and indirect jobs in the U.S. This includes 149,010 direct jobs that pay an average of $77,153 in wages and benefits.
Direct jobs include those in facilities that process scrap materials into new, usable commodities. Indirect jobs come from those that supply machinery, equipment and services to processors, and the wages and taxes paid by the scrap recyclers to their workers and suppliers.