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United States Economy
In 2016, the US had a Gross Domestic Product (GDP) of $18.62 trillion with a 1.5% growth rate. GDP per capita was $57,600. Gross National Saving was 18% of GDP. GDP consumption by end use was as follows:
- household consumption, 68.8%
- government consumption, 17.5%
- investment in fixed capital, 16.2%
- investment in inventories, 0.2%
- exports of goods and services, 11.9%
- imports of goods and services, -14.7%
GDP consumption by sector of origin was agriculture (0.9%), industry (18.9%), and services (80.2%).
Agricultural products produced in the United States were wheat, corn, other grains, fruits, vegetables, cotton, beef, pork, poultry, dairy products, fish, and forest products. United States industries are highly diversified, world-leading, and high technology innovators. US industrial output includes aerospace, chemicals, consumer goods, electronics, food processing, lumber, mining, motor vehicles, petroleum, steel, and telecommunications.
The United States labor force was 159.2 million workers, and employment by occupation was as follows.
- farming, forestry, and fishing, 0.7%
- manufacturing, extraction, transportation, and crafts, 20.3%
- managerial, professional, and technical, 37.3%
- sales and office, 24.2%
- other services, 17.6%
The unemployment rate in 2016 was 4.9%.
Ranking the Largest US Industries
Blue Waters Credit LLC of Roseville, CA ranked the largest US industries using the 2015 GDP of just under $18 trillion. The ranking categories were percentage share of GDP, highest revenues, and highest net margins. If your company deals in these industrial sectors, you may want to use this information to guide your purchase of United States local business numbers.
Largest Industries in the US Economy
- Real estate including renting and leasing, $2,265.7 billion, GDP share 13.0%
- Professional and business services including the legal field, computer design, and other professional, scientific, and technical services, $2,098.3 billion, GDP share 12.0%
- State and local government, $1,538.7 billion, GDP share 9.1%
- Finance and insurance, $1,261.2 billion, GDP share 7.2%
- Health care and social assistance, $1,244.2 billion, GDP share 7.1%
- Manufacturing of durable goods, $1,135.8 billion, GDP share 6.5%
- Wholesale trade, $1,037.6 billion, GDP share 6.0%
- Retail trade, $1,014 billion, GDP share 5.8%
- Manufacturing of nondurable goods including agriculture, textiles, apparel, petroleum, and coal products, $954.8 billion, GDP share 5.5%
- Information covering publishing, Internet publishing, broadcasting, media, sound recording, and motion pictures, $807.9 billion, GDP share 4.6%
Most Profitable Industries in the US Economy
- Health, 24.4 billion
- IT Services, $17.5 billion
- Business Products and Services, $15.9 billion
- Logistics and Transportation, $15.2 billion
- Consumer Products and Services, $14.4 billion
- Human Resources, $13 billion
- Energy, $12.4 billion
- Financial Services, $11.8 billion
- Construction including builders, contractors, and electrical companies, $8.34 billion
- Advertising & Marketing, $8.3 billion revenue
Industries with the Highest Net Margins
- Generic pharmaceutical companies, 30% net margins
- Investment managers, 29.1% net margins
- Tobacco, 27.2% net margins
- Major pharmaceutical companies, 25.5% net margins
- Internet software/services, 25% net margins
- Biotechnology, 24.6% net margins
- Savings banks, 24% net margins
- IT services, 24% net margins
- Regional banks, 23% net margins
- Major banks, 22.9% net margins
2015 United States Employment by State
The following table gives United States employment figures by state including number of firms, number of establishments, employment, and annual payroll. These data come from the Department of Commerce 2015 County Business Patterns. This table will give insight on where to invest in United States local business numbers.
| State | Number of Firms | Number of Establishments | Employment | Annual Payroll
($1,000) |
| United States Totals | 5,900,731 | 7,663,938 | 124,085,947 | 6,253,488,252 |
| Alabama | 73,409 | 98,540 | 1,634,391 | 67,370,353 |
| Alaska | 16,952 | 20,907 | 267,999 | 15,643,303 |
| Arizona | 105,004 | 136,352 | 2,295,186 | 102,671,393 |
| Arkansas | 50,451 | 65,175 | 1,003,113 | 39,451,191 |
| California | 740,303 | 908,120 | 14,325,377 | 856,954,246 |
| Colorado | 133,930 | 161,737 | 2,253,795 | 117,539,555 |
| Connecticut | 71,835 | 89,232 | 1,503,102 | 92,555,072 |
| Delaware | 20,048 | 24,852 | 397,385 | 21,305,227 |
| District of Columbia | 17,832 | 22,553 | 513,002 | 38,445,917 |
| Florida | 435,582 | 532,830 | 7,777,990 | 337,074,525 |
| Georgia | 174,802 | 224,593 | 3,692,490 | 174,839,354 |
| Hawaii | 25,110 | 31,915 | 523,677 | 22,068,393 |
| Idaho | 37,507 | 44,757 | 546,524 | 21,119,617 |
| Illinois | 256,016 | 318,266 | 5,427,549 | 289,183,546 |
| Indiana | 108,558 | 145,116 | 2,660,503 | 113,315,432 |
| Iowa | 62,482 | 80,952 | 1,338,418 | 55,079,743 |
| Kansas | 58,391 | 74,526 | 1,189,876 | 51,259,676 |
| Kentucky | 68,816 | 91,845 | 1,579,477 | 63,741,066 |
| Louisiana | 81,513 | 105,575 | 1,724,973 | 76,684,760 |
| Maine | 33,622 | 40,801 | 500,549 | 20,413,159 |
| Maryland | 109,021 | 137,204 | 2,239,817 | 118,496,858 |
| Massachusetts | 141,589 | 175,225 | 3,167,329 | 198,026,611 |
| Michigan | 173,309 | 219,627 | 3,725,280 | 174,873,962 |
| Minnesota | 118,525 | 148,666 | 2,612,314 | 133,092,716 |
| Mississippi | 44,424 | 58,662 | 926,391 | 33,948,151 |
| Missouri | 124,388 | 158,191 | 2,442,316 | 109,135,528 |
| Montana | 32,222 | 37,270 | 375,041 | 14,227,065 |
| Nebraska | 42,993 | 53,719 | 870,279 | 36,967,924 |
| Nevada | 50,562 | 63,383 | 1,129,965 | 46,595,673 |
| New Hampshire | 30,574 | 37,669 | 576,424 | 28,076,320 |
| New Jersey | 193,960 | 230,961 | 3,558,619 | 209,072,015 |
| New Mexico | 34,569 | 43,793 | 626,284 | 25,145,307 |
| New York | 462,660 | 540,298 | 7,998,994 | 513,083,321 |
| North Carolina | 171,419 | 223,209 | 3,670,284 | 164,936,258 |
| North Dakota | 20,370 | 24,848 | 365,893 | 17,184,756 |
| Ohio | 185,470 | 251,668 | 4,719,985 | 213,161,303 |
| Oklahoma | 73,194 | 93,093 | 1,370,988 | 59,124,620 |
| Oregon | 91,715 | 112,393 | 1,498,727 | 71,006,598 |
| Pennsylvania | 230,057 | 299,695 | 5,306,896 | 257,626,942 |
| Rhode Island | 24,169 | 28,387 | 425,748 | 19,704,826 |
| South Carolina | 79,649 | 103,973 | 1,662,251 | 66,120,263 |
| South Dakota | 22,113 | 26,511 | 353,540 | 13,812,997 |
| Tennessee | 97,091 | 133,344 | 2,507,205 | 110,481,280 |
| Texas | 428,461 | 569,091 | 10,239,710 | 521,095,797 |
| Utah | 62,916 | 75,463 | 1,203,954 | 51,453,266 |
| Vermont | 18,126 | 21,121 | 266,363 | 10,615,093 |
| Virginia | 150,984 | 197,384 | 3,198,718 | 165,788,897 |
| Washington | 149,765 | 182,913 | 2,602,408 | 149,258,789 |
| West Virginia | 27,535 | 36,993 | 565,435 | 22,159,084 |
| Wisconsin | 108,745 | 139,500 | 2,503,532 | 112,406,494 |
| Wyoming | 18,111 | 21,040 | 219,881 | 10,094,010 |