United States Economy Analysis & News 2016 | Winny Education American Economy

USA economy is a mix of large and small companies and a variety of industries and services. American agriculture is highly diverse and well developed. Based on the climate, soil and rainfall, citrus products grow well in Florida and areas of California, while in the Midwest, wheat and corn grows well. The main livestock products are beef, pork, poultry, dairy products, turkey and fish. Most of the crops and livestock are used for domestic purpose. USA remain to be the world’s dominant industrial power.


Automobile Industry:

USA is a home to 13 auto manufacturers and produced an average of over 8 million passenger vehicles annually. Ever since Honda opened its first USA plant, almost every major European, Japanese and Korean automakers also started producing vehicles at one or more USA assembly plants. Following a study by the Motor & Equipment Manufacturers Association in collaboration with Information Handling Services, the total employment impact of the auto parts industry was estimated at over 3.62 million jobs directly and indirectly nationwide. USA automotive sector is at the forefront of innovation despite of challenges within the industry. New research and development initiatives are transforming the industry for better opportunities.


Financial Services:

Financial markets are considered to be the largest and the most liquid in the world. In 2014, finance and insurance contributed 7.2% to GDP. Basically financial services and products help to facilitate and finance the export of USA manufactured goods and agricultural products. Financial services and insurance sectors employed 5.99 million people in 2014 and around 888,600 people were employed in the securities and investment sector.


Energy:

The energy industry is the third largest industry in US. US energy companies produce oil, natural gas, coal, nuclear power, renewable energy and fuels, as well as electricity, smart grid and demand response technologies. USA is home to a thriving renewable energy industry. USA produces more of geothermal energy and biomass power compared to other countries. Inorder to serve overseas market, the pellet and ethanol industries are also increasing their capacity. America’s ethanol industry is the largest and most efficient in the world. USA is also undergoing revolution in oil and natural gas production from shale by developing techniques for extracting hydrocarbons. USA is considered to be the next exporter of coal. Approximately 72% of coal production is done from 5 different states of USA. USA also operates the most nuclear reactors, has the largest installed nuclear energy capacity. The international civil nuclear marketplace is estimated at more than $500-740 billion during the next decade.


Machinery and Equipment:

USA is considered to be the world’s largest market for machinery as well as the third largest supplier. USA manufacturer’s commitment to technological innovation is the key to their continued leadership in a highly competitive market. Moreover many USA universities are also indulged in research related to engineering and scientific disciplines inorder to contribute to the competitive USA machinery industries. Sales of some typical machinery are accompanied by the variety of high value services, including specialized architecture, engineering and logistics. Machinery and equipment is manufactured throughout the country, but is concentrated in the industrial Midwest. USA machinery and equipment manufacturing industries are also strong and consistent exporters.