The United States is made up of people from a wide range of backgrounds and ethnicities whose ancestors came to the country from all over the globe. It is a country in which a variety of different languages are spoken and in which you can trek through the snowy outcrops of Alaska or trudge through the sun-baked deserts of New Mexico.
The country’s economy is almost as diverse as its ethnic makeup and as varied as its climates with Silicon Valley in the west pushing the envelope and breaking barriers in technology and Wall Street in the east carrying the capitalist mantle.
In this article though we’re highlighting the diversity of the American economy by shining the light on 5 distinct and separate industries that are keeping the dollar strong.
Gaming
Typically when people talk about the economy and industry the image of blue collar workers tirelessly toiling away in belching factories come to mind. In our modern economy however the frontline workers powering industry tend to operate in far different working conditions.
The total gaming market size in the United States as of 2023 stood at an absolutely staggering $110 billion, with $57 billion of that coming from video games and $53 billion from gambling. The latter of which represents a huge area for growth in the coming years.
If you missed the memo about the legalisation of online gambling in many states, you can’t have missed the signs that it was up and running, with many online casinos now available in a number of states. Typically, online casinos offer no deposit bonuses to players to attract them to their site.
As more and more people begin to take those offers up in the future, we can expect to see gaming including casino gaming make an even bigger impact on the American economy.
Retail
We Americans simply love buying stuff. Whether that’s on Amazon (the average American spends $2,662 a year on the site) or in local stores and the stats bear that out.
According to the Bureau of Labor Statistics there are 1,069,010 private retail establishments and 15.5 million retail employees in the country.
Typically monthly retail sales hover around the $6 billion mark so to say that retail is a big deal in the American economy is perhaps somewhat of an understatement…
(The retail sector is a constant in the American economy.)
Technology
We mentioned it in the beginning of the article and we simply can’t ignore it in our main list of thriving industries as it’s perhaps the one most synonymous with modern day America.
Silicon Valley introduced the world to the first ever smartphone in 2007 and now it is busy developing Artificial Intelligence, which according to some could herald the end of the world or usher in a new age of unprecedented leisure.
Financially the technology industry is an absolute behemoth too with an estimated market value of – yes we typed this correctly – $1.8 trillion.
Healthcare
Now for a major bone of contention. The elephant in the room if you will – healthcare.
In most other developed nations healthcare isn’t spoken of as an industry, rather it’s viewed as a universal right which the state plays an important role in administering. Here in the United States that isn’t quite the case and the result is that healthcare is a humongous player in the American economy.
The top three healthcare companies in the country posted revenues of $371.6 billion, $357.8 billion and $301.5 billion respectively last year. According to industry insiders those figures are expected to rise significantly in the coming years too if predicted advances in healthcare come to fruition.
Finance
We end on a classic of the American economy – the finance sector.
It might not be glamorous and it might not be responsible for weird and quirky inventions but it is responsible for keeping the national economy ticking over.
Exact figures relating to the sector as a whole are hard to come by due to the diffuse nature of it, but you can take it from us that the industry is not short of a dollar or two.
In the coming years the success of the financial sector looks set to not only continue but grow as a diversifying market place that looks ever reliant on newer methods of payments and asset accumulation needs the regulation and oversight of the financial sector.
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