As a nation, the US has a diverse industries. The country is known for its natural resources, manufacturing capabilities and high-tech innovations. While these industries are important to the overall economy, there are also other industry sectors that contribute significantly to the gross domestic product (GDP). In this article we’ll explore some of those industries and how they contribute to our GDP.
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Mining, quarrying, and oil and gas extraction.
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Mining, quarrying, and oil and gas extraction is the largest industry sector in the U.S. It accounts for almost $1 trillion in revenue and has around 2 million businesses that employ over 5 million people. It is also one of our biggest consumers of energy: mining alone accounts for around 10% of all energy consumption in America today!
Construction.
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Construction is the process of building a house, office or other structure. In the U.S., it’s a major industry with an annual revenue of over $850 billion and employs over 7 million people. Construction accounts for about 6% of GDP (gross domestic product) and is one of the largest consumers of materials and labor in America.
Manufacturing.
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Manufacturing is a major sector of the U.S. economy and accounts for about 12 percent of GDP in 2016. The manufacturing industry includes companies that produce raw materials, intermediate goods and capital equipment; manufacture durable consumer goods; or produce nondurable goods for final consumption by households, government and business users.
Manufacturers use technology to create products from raw materials and components through numerous stages including design, production, marketing and distribution processes before they reach consumers (or other users). Manufacturing industries often require large amounts of energy resources such as coal or natural gas to operate their facilities so they can turn out enough finished products at reasonable prices without experiencing shortages in supply or price spikes due to high demand levels among consumers across America’s markets today.’
Wholesale trade.
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Wholesale trade is the sale of goods to retailers, businesses, and other wholesalers. Wholesalers also buy from manufacturers and other wholesalers to sell to retailers or other types of businesses. The wholesale industry includes machinery, equipment, furniture, paper products and plastics as well as rubber products such as tires.
The value of goods sold by wholesalers increased from $1 trillion in 2007 to $1.4 trillion in 2017 but dropped slightly during the Great Recession before increasing again after 2013 (see chart below).
Retail trade.
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Retail trade is the sale of goods or merchandise to consumers. This includes sales of new and used goods, repairs, and alterations.
In addition to selling products directly to consumers, retail businesses also sell services such as dry cleaning.
Transportation and warehousing (trucking).
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Trucking is a huge industry. It accounts for one out of every eight jobs in the United States, and it’s growing faster than any other sector in terms of revenue. In fact, trucking companies have been adding new jobs at a rate of 3% annually since 2010.
Trucks are an essential part of our economy: without them, we wouldn’t have food deliveries or goods coming from overseas!
Information services.
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The information services industry is the biggest sector in the U.S., with a revenue of more than $1.3 trillion and nearly 2 million businesses operating across all states and territories.
The industry includes software publishing, data processing and broadcasting services; it’s highly concentrated with just a few companies accounting for most of its revenue (think Microsoft or Apple). The second largest industry sector is retail trade, which includes stores like Walmart or Target that sell products directly to consumers at retail prices rather than wholesale prices (think Home Depot).
The US economy is very diverse and large, with many different sectors and industries. It’s hard to pick just one that stands out as being the biggest or most important because there are so many factors involved: how much revenue it generates, how many businesses are operating within it, where those businesses are located geographically–and so on. However, we hope this article has helped you understand some of the key differences between these industries so that if someone asks about your favorite sector next time around (which they probably will), then at least now you’ll have an answer ready!
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