Reduce, reuse, recycle. The motto has been present for decades encouraging us to use materials wisely and recycle as often as we can. Recycling scrap metal is one way to better the environment, as 100% of the metal that is recycled is repurposed, helping our environment. Yet, how does this impact our economy? We have researched some ways that your contribution of recycling scrap metal is making the economy more robust.
Job Creation and Support Within Scrap Metal Recycling Industry
Scrap metal recycling contributes to the jobs of over 530,000 workers in the United States alone! All of this while generating $117 billion in economic activity, reported in the 2018 Recycling Industry Yearbook. The industry is thriving and a powerful job creator, specifically within the purchasing, processing and brokering recycled materials sector. The independent research was conducted by John Dunham and Associates as a way to document the size and scope of the metals recycling industry and the valuable impact the industry has on the economy. Looking closer, scrap processors and brokers in the United States employ more than 155,000 individuals, while indirectly supporting over 375,000 jobs. Those employed within this industry earn over $34.3 billion in wages and benefits, contributing to the expansion of the economy. The scrap metal industry pays $13.2 billion into direct federal, state and local taxes, adding benefits supporting the economy in the United States.
Minimizing Costs on Metal Production by Utilizing Recycled Materials
Construction companies can save money by using recycled scrap metals instead of relying on new industrial metals for projects. The process of recycling and reusing scrap metal involves melting and reshaping the material and is significantly cheaper than ore mining and smelting. As costs are reduced in mining and production of metals, this revenue can be used to support other areas of the United States economy, such as reducing taxes or increased minimum wage for employees. As companies benefit, employees benefit, and it becomes a win-win situation for everyone.
East Tennessee Scrap Metal Recycling: Knoxville, Crossville, and More
The benefits of scrap metal recycling go beyond helping the environmental into playing a key role in sustaining the United States economy. At Roane Metals, we purchase metal based upon weight and dependent upon worldwide supply and demand pricing per day. Reach out to inquire about current pricing on scrap metal and start benefiting the economy today!