What does the US produce?
What does the US produce?
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What does made in America mean these days? It often means its service sector — think finance, real estate, and healthcare services. In fact, services contributed over four times more to the nation’s GDP in 2024 than goods.
- In 2024, the US produced $29.2 trillion in goods and services, with $24.3 trillion (83.3%) coming from services and $4.9 trillion (16.7%) from goods.
- These financial figures are called “value added,” aka what these sectors contribute to the economy. (Read the article for more on how value added is calculated.)
- Finance, insurance, real estate, rental, and leasing accounted for $6.2 trillion (or 25.5%) of all service-based value. Professional and business services followed ($3.8 trillion), followed by educational services, healthcare, and social assistance ($2.5 trillion).
- Goods production is, of course, still crucial to the economy. The nation’s goods-producing industries are agriculture, mining, construction, and manufacturing. Manufacturing alone accounted for 59.8% of all US-produced goods, generating $2.9 trillion.
- The top goods by value added were chemical products ranked first at $575.2 billion, then food, beverage, and tobacco products ($350.1 billion). Computer and electronic products ($308.3 billion) were third.
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- The US produced about seven times more goods and services than it imported in 2024 — $29.2 trillion compared to $4.1 trillion. In other words, for every $1 of value in imports, we produced a little over $7.
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