In this article we are going to list the 5 biggest industries in the US heading into 2023. For a detailed coverage of this topic and a more comprehensive list please take a look at the 12 biggest industries in the US heading into 2023.
5. Wholesale trader
Average gross domestic product of the industry in 2021 (in billions): 1,575
Gross domestic product of the industry in Q1 2022 (in billions): 1,602.4
A wholesale trader is someone who is in the business of purchasing goods in bulk, generally from a manufacturer, and selling them to retailers at a profit. Sysco Corporation (NYSE:SYY) is the biggest wholesaler in the U.S.
4. Health care and social assistance
Average gross domestic product of the industry in 2021 (in billions): 1,799.3
Gross domestic product of the industry in Q1 2022 (in billions): 1,820.3
Healthcare is one of the biggest industries in the U.S. in 2023. Major players in the industry are CVS Health Corporation (NYSE:CVS) and UnitedHealth Group Incorporated (NYSE:UNH).
3. Professional, scientific and technical services
Average gross domestic product of the industry in 2021 (in billions): 1,956.3
Gross domestic product of the industry in Q1 2022 (in billions): 1,978.6
The professional, scientific and technical services industry includes services provided to other clients in various industries including architectural, engineering, research services, advertising services and many more. The biggest occupation in this industry is accountant and auditors.
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.
1. Real estate, rental and leasing
Average gross domestic product of the industry in 2021 (in billions): 3,061.7
Gross domestic product of the industry in Q1 2022 (in billions): 3,102.1
Easily topping the list of the 13 biggest industries in the U.S. heading into 2023, with a GDP more than $1 trillion higher than the runner-up, is the real estate, rental and leasing industry. The rental estate industry in the United States has boomed in the past few years with prices increasing at an astronomical rate, pricing out a lot of people from ever owning a home. According to CEIC, house prices in the U.S. increased 12.2% YoY in September 2022, while the YoY growth rate in September 21 was already 18.7%.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on 12 Most Advanced Countries in Science and 12 Best Performing Dividend Stocks in 2022.
