As a highly developed country, U.S. Continue to maintain its position as one of the most powerful and powerful nations in the world largest economy. U.S. GDP of $25.35 trillion is the largest in nominal terms, according to the latest 2022 estimates gross domestic product About a quarter of world nominal GDP. The United States also has the most technologically powerful and innovative economy in the world.With over 16% of world GDP through purchasing power parity, the US is considered the second largest in the world after the US People’s Republic of China. However, due to the COVID-19 pandemic in early March 2020, the U.S. economy suffered a major setback as key sectors of the country’s economy shut down. The following article discusses the top 10 industries in the United States by revenue.
- Retirement and pension plans – $1,257.9 million
- Health and Medicare – $1,145.1 million
- Wholesale of pharmaceuticals, cosmetics and toiletries – $1,049.9 million
- US hospitals – $981 billion
- U.S. New Car Dealers – $978.7 billion
- Life Insurance and Annuities in the U.S. – $886.7 billion
- Pharmaceutical wholesale – $868.8 billion
- U.S. public schools – $791 billion
- Supermarkets and grocery stores in the US – $758.4 billion
- U.S. commercial banking – $703.4 billion
1. Retirement and pension plans – $1,257.9 million
Including only private and public defined benefit pension plans, the U.S. retirement and pension plan industry is expected to grow at an annual rate of 2.1% over the next five years. Despite high volatility in investment returns, steady growth and strong investment returns have fueled the growth of the industry. In 2017, substantial equity gains helped boost the industry’s revenue growth.
2. Health and Medicare — $1,145.1 million
In the next five years, the U.S. health insurance industry is expected to grow due to a combination of factors such as continued rise in medical spending and rising medical costs. In terms of market size, the health and medical insurance industry ranks first in the financial insurance industry. Notably, the health and medical insurance industry also benefits greatly from an aging population, as older adults require more health insurance than younger adults. In addition, government-funded programs like Medicare have helped increase government spending on health and medical insurance.
3. Pharmaceuticals, Cosmetics and Cosmetics Wholesale – $1,049.9 million
The pharmaceutical, cosmetic and toiletry wholesale industry has been largely unaffected by the recession due to high demand for pharmaceutical products. The industry also benefits greatly from an aging population, as a large portion of the industry’s revenue comes from the sale of prescription and over-the-counter drugs that are in high demand among the elderly population. It is important to note, however, that industry performance has been severely impacted over the past five years due to increased use of generic drugs and the expiration of patents on various commonly used drugs.
US hospitals – $981 billion
Healthcare and social assistance is the largest private employment sector in the country, employing more than 16.4 million people. U.S. hospitals are struggling as the COVID-19 pandemic continues to rage across the country. Access to health insurance and increased demand from the geriatric population are helping to generate considerable revenue growth for the industry. However, all of this revenue growth was offset by the highly negative financial impact of the coronavirus pandemic.
U.S. New Car Dealers – $978.7 billion
The new car dealership industry in the United States involves the sale of new and used vehicles, the provision of vehicle repair and maintenance services, and auto insurance options. The U.S. has the world’s second-largest auto market, and its economy relies heavily on road transportation. In addition, the United States has the highest per capita car ownership in the world; with low interest rates, the cost of financing vehicles will become more affordable, leading to increased revenue growth in the industry.
Life Insurance and Annuities in the U.S. – $886.7 billion
The life insurance and annuity industry is reported to be one of the most important sources of investment capital in the country. The industry holds more than 20% of all corporate bonds in the country and is the most important source of bond financing for the country’s businesses. However, the life insurance and annuity industries have suffered huge losses as economic activity slowed due to the coronavirus pandemic. Nonetheless, the life insurance and annuity industry is expected to grow over the next few years as the economy returns to growth.
Pharmaceutical wholesale – $868.8 billion
The pharmaceutical wholesale industry includes companies that distribute a large number of prescription and over-the-counter medicines used to treat various diseases. Over the years, the industry has benefited greatly from rapid increases in prescription drug prices and an increase in the number of people with private health insurance. In addition, the aging population also greatly benefits the demand for products in the pharmaceutical industry.
U.S. public schools – $791 billion
The public school industry includes primary and secondary schools that provide education to children free of charge. These schools are funded by federal, local and state governments. Funding is provided to schools based on a variety of factors, including student numbers, enrollment, facility requirements, and available programs. Notably, the United States spends more on education per student than any other country. It is estimated that government funding for schools under the CARES Act is expected to increase year by year.
Supermarkets and grocery stores in the US – $758.4 billion
Over the years, rising levels of per capita disposable income and the possibility of consumers buying more quality products have greatly helped the supermarket and grocery store industry’s income growth.In consideration “essential business”, Many grocery stores have remained open throughout the pandemic, which in turn has helped expand sales for many industry operators.
U.S. commercial banking – $703.4 billion
Commercial banks derive most of their income from interest on loans and interest paid on deposits and borrowed funds. Over the years, the commercial banking industry has benefited greatly from rising interest rates and improving economic conditions.
The above article discusses the top 10 industries with the largest revenue in the United States. As mentioned in the article, the retirement and pension plan industry has the highest incomes, while the commercial banking industry has the lowest incomes.