Industrialization plays a pivotal role in the economic growth of any nation as it provides employment to millions of people and increases foreign exchange as well. One of the most robust and innovative economies—America, is a powerhouse of numerous trades and businesses. Illuminating the factors that make the country economically resilient, this blog uncovers the 5 fastest-growing industries in America that make the country capable of holding the highest global wealth.
1. Commercial Banking in the USA
Commercial banking is one of the rising industries in America, as most of the revenue generated through commercial banking contributes to the economic growth of the country. Over the years, conditions of commercial banks have improved which put this industry into one of the ‘essential businesses.’ It is the key element of business and finance that provides services such as accepting deposits, treasury management, and majorly offering loans to businesses. As per statistics, the value of loans of U.S. commercial banks crossed 15.8 trillion dollars.
2. Health and Medical Insurance
Health and medical insurance industry is growing as a share of the economy and ranks first among industries in America. According to statistics, 14% of U.S. adults are employed in the healthcare industry that caters to private and public medical insurance carriers. Hospitals are the main providers of healthcare, and they are building the healthcare sector into one of the enormous industries in America. Healthcare incumbents are pushing themselves to digitize everyday systems for their ultimate growth. Measured by revenue, this industry has captured a market of $1.1tr in 2022.
3. Automobile Industry
The US has the second-largest automobile market globally, and its economy is heavily reliant on road transport. This industry deals with the selling of new and used vehicles, including vehicle repair and maintenance services and car insurance options. This industry is highly cyclical and susceptible to economic transformation. Moreover, the interest rates are expected to remain stable which tempts the customers to buy more vehicles. The automobile industry accounts for 3 % of America’s GDP, ultimately raising the economic growth of the country.
4. Real Estate
The real estate industry is one of the huge industries of America, as it created employment for wholesale agents and brokers. It acts as an intermediary between buyers and sellers of land and buildings, working at the core of land acquisition. Companies in this industry are able to buy, rent, or lease real estate, manage residential, commercial, and industrial properties, and provide other real estate-related services, including appraisals. Moreover, the US real estate industry includes about 350,000 companies with combined annual revenue of about $470 billion.
5. Supermarkets and Grocery Stores
Expanding the spread of consumerism put supermarkets and the grocery industry on top of the industries in America. Growing purchasing power and availability of premium products broaden the revenue share of this industry in GDP. Household shopping and cost-conscious customers are tempted by brick-and-mortar stores for buying products easily and quickly. The U.S. grocery retail market is dominated by chain supermarkets with around 31,669 chain supermarket locations in the United States.
Technological development such as adapting to artificial intelligence and machine learning in the industrial sector is the way forward to upgrade the economic progress in any sector. The above blog discusses the 5 highest growing industries in America by revenue share in total GDP contribution. We hope this blog helped you to grab some insights on industries in America and enrich your knowledge of a good example of a developed economy.
Also Read: How Industry 4.0 will revolutionize Manufacturing?
