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Number of establishments by sector in the United States economy in 1997, 2002, and 2007. Value of sales, shipments, receipts, revenue, or business done by sector in the United States economy in 1997, 2002, and 2007. Annual payroll by sector in the United States economy in 1997, 2002, and 2007.
Manufacturing is a vital economic sector in the United States of America. [1] The United States is the world's second-largest manufacturer after the People's Republic of China with a record high real output in 2021 of $2.5 trillion. [2] As of December 2016, the U.S. manufacturing industry employed 12.35 million people.
The United States is the world's largest producer of petroleum and natural gas. [59] In 2016, it was the world's largest trading country [60] and second largest manufacturer, with American manufacturing making up a fifth of the global total. [61] The U.S. not only has the largest internal market for goods, but also dominates the services trade.
In the United States the unofficial beginning and ending dates of national economic expansions have been defined by an American private non-profit research organization known as the National Bureau of Economic Research (NBER). The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and ...
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
At the top level, they are often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's activities within each sector changes.
The wider industrial sector of an economy, including manufacturing and production of other intermediate or final goods; The general characteristics and production methods common to an industrial society. Industrialization, the transformation into an industrial society; Industry classification, a classification of economic organizations and ...
In the 18th century, innovations like steamboats, railroads, and guns increased demand for wrought iron and steel. The Mount Savage Iron Works in Maryland was the largest in the United States in the late 1840s, and the first in the nation to produce heavy rails for the construction of railroads. [56]