Steel or Railroads? Which had the greatest impact on the U. S. economy?

By 1878 the United States had reentered a period of prosperity after the long depression of the mid-1870s. In the ensuing 20 years the volume of industrial production, the number of workers employed in industry, and the number of manufacturing plants all more than doubled. A more accurate index to the scope of this industrial advance may be found in the aggregate annual value of all manufactured goods, which increased from about $5,400,000,000 in 1879 to perhaps $13,000,000,000 in 1899. The expansion of the iron and steel industry, always a key factor in any industrial economy, was even more impressive: from 1880 to 1900 the annual production of steel in the United States went from about 1,400,000 to more than 11,000,000 tons. Before the end of the century, the United States surpassed Great Britain in the production of iron and steel and was providing more than one-quarter of the world’s supply of pig iron.

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