(Newswire.net — May 16, 2020) — America is the engine of the global economy, representing more than 15% of global GDP and holding the title of the world’s largest and wealthiest economy by a considerable stretch.
Much of this wealth is generated by a select few top money-making industries that together represent countless trillions of dollars in profits. If you’re wondering what the most lucrative industries in America are right now, read this list to find out.
1. Commercial Banking
America’s commercial banking sector is one of the largest on the planet, representing a whopping $165.6 billion in pure profit last year.
Much of this is driven by Wall Street, the undisputed epicenter of the financial world.
2. Accounting and Payroll
Accounting, taxation, and payroll services are not the biggest revenue producers, but they are among the most profitable businesses in America.
Low overheads and huge demand have meant that accounting and payroll services saw average profit margins of around 19.8% last year, higher than any other industry.
3. Healthcare
America’s $2.8 trillion healthcare market is the most profitable industry for health in the world.
Much of this is due to the market-oriented, customer-focused way that healthcare is operated in America. As a health practitioner, you can use these strategies to improve your online healthcare marketing goals and increase your profits.
4. Information Technology
With the US being home to Silicon Valley and tech titans such as Google, Apple, and Facebook, it should come as no surprise that America’s IT sector is the largest in the world.
IT revenues in America reached a new record of $398 billion in 2019, with some sectors of the industry seeing profit margins of as high as 50%.
5. Logistics and Transportation
American shipping, freight rail, air haulage, and trucking all make up around 8% of GDP, representing a combined total valuation of $1.5 trillion in 2020.
It is also one of the single most profitable industries in the world, thanks to soaring global demand for US logistics know-how and infrastructure.
6. Consumer Goods & Services
Many of the largest consumer goods companies in the world are American, with P&G, Kraft, PepsiCo, and Walmart representing those at the top of the pile.
Since Americans are the largest purchasers of consumer goods in the world by far, domestic sales are high, representing around $638 billion in 2019.
7. Energy
The US recently re-emerged as the world’s largest producer and exporter of oil, knocking oil-dependent countries such as Saudi Arabia and Russia out of the market.
This, combined with the high number of homegrown US energy giants such as ExxonMobil, Chevron, and Total, is why the industry enjoyed net profits of 16.4% last year.
8. Legal Services
The global legal services industry recently passed a milestone, becoming a bonafide trillion-dollar business last year.
America makes up an increasing portion of that, with its position set to grow in the years ahead. Low overhead costs meant that the legal industry in the US enjoyed a whopping profit margin of 17.8% last year.
9. Construction
The US is currently in the midst of a construction boom, which is why the industry has grown at a record rate of around 4.8% year-on-year.
This helps to explain why US construction is now worth a staggering $1.8 trillion, making it one of the most lucrative industries in the country right now.
10. Advertising & Marketing
Some say the US invented modern advertising. It’s clear that the expertise is still here, given that companies around the world spent $390 billion last year on US advertising and marketing companies.
This figure is set to grow exponentially in the years ahead.
Learn More About the Most Lucrative Industries in America
If you enjoyed this round-up of the most lucrative industries in America, it’s time to learn more. Make sure to check out our Business section for all of the latest updates and round-ups on the world of global business.