Why is Industrial Development Important?
Industrialization generates employment opportunities, provides educational opportunities, encourages advancement and innovation, and better utilizes resources. All of these benefits and more make industrial development extremely valuable to a population and the local economy.
What is Industrial Development
Industrial development is the building and growing of industries within an economy. These industries include mass production, technological advances, and other services. When an area or economy is industrialized it experiences an increased standard of living, job growth, and more productivity as it sustains growth. As productivity in an area increases, there is so much more opportunity.
The economic growth provided by industrial development is a well-sustained growth that can transform an economy. Industrial growth and economic growth go hand in hand. Economies thrive when an industry is growing because a growth in the industry means more jobs, more money, and more opportunity. Industrial growth is often linked with higher wages The production that industry provides buts more money and more services for the economy leading to higher income per capita and more labor productivity. The standard of living increases when industry increases. These opportunities can transform an area and inspire endless amounts of growth.
The Industrial Revolution
Historically, industrial growth has had a large impact on the economy. For example, the time period known as the Industrial Revolution in the 18th and 19th centuries led to some of the most important economic development known to man. The Industrial Revolution was a transition to new and more efficient manufacturing processes—leading to the cotton gin, the steam engine, electricity, the assembly line, and other important inventions that largely impacted the world. These advancements propelled the world forward as industrialization grew and resources advanced.
Prior to the Industrial Revolution, the manufacturing of goods was mostly done in people’s homes with handcrafted tools. Though this made lead to unique items being made, it does not profit the economy much. When that production was shifted into mass production in factories, everything changed. Suddenly goods were more accessible, work was easier to find, and demand for products and services rose—all of these things sustain an economy. The world saw improvement in many ways, including job creation, more manufactured goods, advancement in transportation, communication, and living standards for some.
Why It’s Still Important
As it has in the past, industrial development provides endless opportunity for an area. We live in a world that is always advancing—the technological age. This is really a growth in industry and provides a chance for even more growth. These changes in the industry are exciting as they open many doors and the window of opportunity. Progress is propelled by industrial development. A higher demand by consumers creates more products and services.
Industrial growth is not just a thing of the past. It is as relevant today as it ever was. As a population grows and industry develops there is an increased demand for goods and services, there is more innovation and more financial opportunity. We all profit as a community thrives through industrialization.