The 10 Biggest Industries in the U.S. by Revenue

The United States is a world economic powerhouse with the largest nominal GDP (gross domestic product) in the world, valued at around $25.35 trillion which translates to about 24% of the world's nominal GDP. The U.S. economy is composed of a diverse and dynamic set of industries spanning healthcare, retail, finance, education, agriculture, technology, and more. Based on expert analysis and a database of 1,300+ U.S. industries, IBISWorld lays out for us a list of the Biggest Industries by Revenue in the U.S. in 2023, and some of them may surprise you.

1. Hospitals: With a projected revenue of $1,327.4 billion in 2023, the hospital industry plays a central role in the healthcare sector and has a critical impact on the well-being of the U.S. population. This industry is one of the largest in the economy, responsible for nearly 5.8% of the U.S. GDP.
2. Drug, Cosmetic & Toiletry Wholesaling: This industry is projected to generate $1,202.2 billion in revenue in 2023, as the demand for drugs, cosmetics, and toiletries continues to grow. This industry serves as a crucial link between manufacturers and retailers, ensuring that essential products are readily available to consumers.
3. New Car Dealers: The automotive industry is a major contributor to the U.S. economy, and new car dealers are expected to generate $1,178.8 billion in revenue in 2023. The industry is driven by consumer demand for new vehicles, as well as advances in technology and changes in consumer preferences.
4. Life Insurance & Annuities: The insurance industry is a vital component of the U.S. economy, and life insurance and annuities are expected to generate $1,156.8 billion in revenue in 2023. The industry plays a critical role in helping individuals and families protect themselves financially and plan for the future.
5. Health & Medical Insurance: This industry is projected to generate $1,131.1 billion in revenue in 2023, as the demand for health and medical insurance continues to grow. The industry serves as a crucial link between consumers and the healthcare system, helping to ensure that individuals and families have access to the care they need.
6. Pharmaceuticals Wholesaling: The pharmaceuticals industry is a major contributor to the U.S. economy, and wholesalers are expected to generate $1,102.6 billion in revenue in 2023. This industry plays a critical role in ensuring that essential drugs are readily available to consumers, by serving as a link between manufacturers and retailers.
7. Commercial Banking: The banking industry is a vital component of the US economy, and commercial banks are expected to generate $963.4 billion in revenue in 2023. The industry plays a critical role in facilitating economic growth and helping individuals and businesses access the financial resources they need.
8. E-Commerce & Online Auctions: This industry is projected to generate $934.1 billion in revenue in 2023, as the growth of e-commerce and online marketplaces continues to accelerate. This industry has been one of the fastest-growing in recent years, driven by advances in technology and changes in consumer behavior.
9. Retirement & Pension Plans: The retirement and pension industry is a major contributor to the U.S. economy and is projected to generate $914.7 billion in revenue in 2023. The industry plays a critical role in helping individuals and families plan for the future and secure their financial well-being.
10. Public Schools in the US: The education industry is a vital component of the U.S. economy, and public schools are expected to generate $866.7 billion in revenue in 2023. The industry plays a critical role in shaping the future workforce and ensuring that individuals have the knowledge and skills they need to succeed in the modern economy.

In conclusion, the United States is one of the strongest economies in the world with a large and eclectic collection of industries playing a critical role in the country's economic well-being. The projected revenue figures for 2023 listed in the article highlight the significance of the healthcare, retail, finance, and education sectors, with the hospital industry expected to generate the highest revenue. Additionally, industries such as drug, cosmetic, and toiletry wholesaling, new car dealers, life insurance and annuities, health and medical insurance, pharmaceuticals wholesaling, commercial banking, e-commerce, online auctions, retirement and pension plans, and public schools are also expected to play a major role in the economy. These industries not only contribute to the economy but also provide essential goods and services to the population.