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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 $2.5 trillion. [2] As of December 2016, the U.S. manufacturing industry employed 12.35 million people.
The Industrial Revolution altered the U.S. economy and set the stage for the United States to dominate technological change and growth in the Second Industrial Revolution and the Gilded Age. [28] The Industrial Revolution also saw a decrease in labor shortages which had characterized the U.S. economy through its early years. [ 29 ]
In the 18th century, innovations like steamboats, railroads, and guns increased demand for wrought iron and steel. The Mount Savage Iron Works in Maryland was the largest in the United States in the late 1840s, and the first in the nation to produce heavy rails for the construction of railroads. [56]
The United States is the world's largest producer of petroleum and natural gas. [59] In 2016, it was the world's largest trading country [60] and second largest manufacturer, with American manufacturing making up a fifth of the global total. [61] The U.S. not only has the largest internal market for goods, but also dominates the services trade.
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
Country/Economy Total GDP (USD$) Agricultural (%) Industrial (%) Service (%) Agricultural (USD$) Industrial (USD$) Service (USD$) – World 104,480
With $48.666 billion in business with the U.S. federal government, Lockheed Martin, based in Bethesda, Maryland, is the largest U.S. federal government contractor. The Top 100 Contractors Report (TCR 100) is a list developed annually by the General Services Administration as part of its tracking of U.S. federal government procurement.