5 Biggest Industries in the US Heading into 2023

2. Finance and insurance

Average gross domestic product of the industry in 2021 (in billions): 1,998.1

Gross domestic product of the industry in Q1 2022 (in billions): 1,999

The finance and insurance industry comprises of some of the biggest companies in the US, including JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), Berkshire Hathaway Inc. (NYSE:BRK.A) and American International Group, Inc. (NYSE:AIG), among many others. Banking institutions are often too big to fail as evidenced in the 2008 recession when bailouts worth hundreds of billions of dollars were given to major finance and insurance companies with American International Group, Inc. (NYSE:AIG) alone receiving $180 billion from the Federal Reserve, which it later paid back in full and with interest.