The tech sector is a huge component of the U.S. economy, playing role in almost all other sectors, such as health care, advanced manufacturing, transportation, education, and energy. After 2.3 % GDP growth in 2019 the economy is to slw down on 2 percent a pace that has prevailed during the decade-old economic expansion.
The United States of America is the world’s third-largest economy with gross domestic product estimated at $21.734 trillion (estimation 2019),and the GDP growth rate of 2.3% (estimation 2019) and is expected to reach $22.32 trillion in 2020. The U.S. is often dubbed as an economic superpower and that’s because the economy constitutes almost a quarter of the global economy, backed by advanced infrastructure, technology, and an abundance of natural resources. Gross National Income was $19.121 trillion PPP dollars (estimation 2017, World Bank). Inflation stands in low digits with 1.6% year-over-year core rate for December 2019.
There were approximately 160.4 million in the U.S. labor force in 2017, the fourth largest labor force in the world behind China, India, and the European Union. Small businesses are the nation’s largest employer providing jobs fr 37% American workers. The second-largest share of employment belongs to large businesses employing 36% of the U.S. workforce while the government accounts for about 14% of all U.S. workers. As of Janary 2020, unemployment rate is 3.6%.
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500.
The United States is the world’s second-largest manufacturer, with the following particularly strong sectors: petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
The U.S. produces approximately 18% of the world’s manufacturing output, a share that has declined as other nations developed competitive manufacturing industries. Growth in telecommunications, pharmaceuticals, aircraft, heavy machinery and other industries along with declines in low end, low skill industries such as clothing, toys, and other simple manufacturing have resulted in some U.S. jobs being more highly skilled and better paying.
The MAPI Foundation projects that annual export growth will average 6 percent annually between 2018 and 2021 as a result of increased manufacturing productivity.
The tech sector is a huge component of the U.S. economy, according to Cyberstates 2018, an annual analysis of the nation’s industry published by CompTIA. Employment among computer and IT is projected to grow 13 percent from 2016 to 2026, faster than the average for all occupations. Demand for additional workers is stemming from cloud computing, the collection, and storage of big data and information security.
Technology plays a role in almost all other sectors, such as health care, advanced manufacturing, transportation, education, and energy. The Internet of Things, artificial intelligence, machine learning, autonomous vehicles, and augmented and virtual reality are all changing society and industries.
Construction is another very strong sector which includes residential and nonresidential builders; contractors that install or service mechanical systems like electricity, water, elevators, and heating and cooling; and civil engineering construction. According to the Bureau of Labor Statistics, construction and extraction occupations are projected to grow by 11 percent from 2016 to 2026, which is a rate faster than the average for all occupations, and are expected to add nearly 750,000 new jobs. The growth is stemming from overall economic and population growth, which is increasing demand for new buildings, roads, and other structures.
The retail trade accounts for 6 percent of the nation’s GDP, with a GDP value-added of $905 billion. The retail industry is the largest employer in the United States, according to World Atlas, and 10 percent of total employment in the United States is in retail. It supports one in four U.S. jobs, or 42 million working Americans. The sector includes online retailers such as Amazon and eBay and brick-and-mortar establishments.
Non-durable manufacturing is a predominant pillar in the United States with a GDP value-added of $821 billion or 6 percent of the national GDP, according to WorldAtlas and for 4.4 million jobs.
US natural resources are valued at $45 trillion as of 2016. It is the world’s largest producer of petroleum and natural gas and the world’s largest trading nation as well as its second-largest manufacturer, representing a fifth of the global manufacturing output. The U.S. not only has the largest internal market for goods, but also dominates the trade in services. U.S. total trade amounted to $4.2 trillion in 2018. Of the world’s 500 largest companies, 121 are headquartered in the U.S.