How much is this industry worth? It is estimated to be about $1,244.2 trillion of the total GDP. That’s 7.1% of the GDP. The financial industry makes up a fraction of that amount.
And this industry will likely top it and become even more popular as time goes by. With the increasing number of baby boomers grow old and die into the past, the medical field is expected to expand and develop to meet their needs. It is interesting to note that services such as creating an hearing aid or placing gastric balloons do not constitute the biggest portion of the economy.
This is because the social assistance component (i.e. the physicians and hospitals that support the industry) comprise less than 1 percentage of the overall industry. The majority of healthcare is driven by research and administration. This doesn’t mean that it won’t increase in the near coming years.
6. Manufacturing of Durable Goods – Still an important factor
Manufacturing was once the primary source of income of our country, however it’s been declining in importance in the past couple of years. One reason for this is the widespread use of robots in manufacturing, which improved production but reduced the role of humans in various factories.
Since the past few years, the United States has fallen into a horrible habit of exporting a lot of its durable goods to other countries. It has led to an enormous drop in the national GDP. But, it makes about 6.5 percent of the economic activity, and has a GDP estimated at $1,135.8 billion or so. It is, therefore, still to be considered of significant importance.
What exactly does durable good manufacturing actually mean in terms of physical? This field represents the creation of machines and equipment manufacturing processes for building, as well as infrastructure manufacturing.
7. The economy is powered by wholesale trade
The American economy is heavily influenced by the retail industry, which is a large part of the areas in the above mentioned helping contribute to its growth. 3qx88khuqx.