Here is a basic table taken from a news release dated February 21, 2019 from the Bureau of Economic Analysis, Department of Commerce. See pages 9 and 10.
GDP Private Industry Sector ContributionTable identifies the respective industry and its annual financial contribution and corresponding perecentage of the total Gross Domestic Product.
|Industry Sector||Annual Billions of Dollars||Percentage of GDP|
|87.8% (Rounding Up)|
|Agriculture, Forestry, Fishing, and Hunting||$157.6||.8|
|Durable Goods (Manufacturing)||1,311.3||6.3|
|Nondurable Goods (Manufacturing)||1,041.8||5.0|
|Transportation and Warehousing||650.6||3.1|
|Finance and Insurance||1,539.6||7.5|
|Real Estate, Rental and Leasing||2,745.9||13.3|
|Professional, Scientific, and Technical Services||1,561.4||7.6|
|Management of Companies and Enterprises||387.9||1.9|
|Administrative and Waste Management Services||646.1||3.1|
|Health Care and Social Assistance||1,534.9||7.4|
|Arts, Entertainment, and Recreation||226.6||1.1|
|Accomodation and Food Services||619.8||3.0|
Take note of a couple interesting items from the above table.
- The largest industry sector is real estate at 13.3%. This makes sense as the customary number one cost for the typical family unit is housing.
- The third largest industry is finance and insurance. Again, this ties to the traditional family unit related to financing of housing and transportation.
- The fourth biggest contributor to the private side of the GDP formula is health care at 7.4%.
The governmental side of the equation contributes 12.2 percent of the total economy. ACT ON KNOWLEDGE.