The Most Profitable Industry in Every U.S. State
A glance the leading industries in the U.S. reveals a few surprises – and less diversity than you might think.
A Unique State Identity
While each U.S. state is unique in its cultural identity, the lay of the land determines which industries will thrive. Where some regions are ideal for agriculture, others have built a strong foundation of industry and research, and still others have established themselves as tourism hubs.
Whatever industry has staked its claim in your particular state, it has a direct link to your state exports and local economy.
It’s important to note that the most profitable industry is not necessarily the biggest industry in each state. The following figures are based on the value of top-selling industry products in 2017, using Harmonized System (HS) codes and U.S. Census Bureau data.
Rounding out the top five:
- Texas – Abundant oil supply helped the Lone Star State bring in more than $73 billion from mineral products last year.
- Washington – Despite a 9% drop from the previous year, aerospace still pulled in $42 billion for Washington state in 2017.
- California – Machinery and mechanical appliances lead the Golden State, to the tune of $27 billion.
- New York – Diamonds are New York’s best friend, where the precious metals and stones industry earned more than $25 billion in export sales.
- Louisiana – Its proximity to the Gulf of Mexico makes Louisiana a hub for mineral products, particularly oil. The industry raked in more than $23 billion in exports last year.
Diversify and Conquer
While some of these designations are nearly automatic – like fishing in Maine and Alaska – others are more surprising. Most surprising of all is the variety, or lack thereof: 50 states share a mere 11 major industries. When those industries are touched by market volatility or trade disruptions, it can prompt a ripple effect across several state economies.
Here’s a detailed breakdown of each state’s major industry, and the value of top-selling products last year:
|State||Most Profitable Industry||Value of industry's top-selling products (2017)|
|Arizona||Machinery and Mechanical Appliances||$4.27 billion|
|California||Machinery and Mechanical Appliances||$27 billion|
|Florida||Machinery and Mechanical Appliances||$7.576 billion|
|Idaho||Machinery and Mechanical Appliances||$1.309 billion|
|Illinois||Machinery and Mechanical Appliances||$5.7 billion|
|Louisiana||Mineral Products||$23 billion|
|Massachusetts||Precision Instruments||$3.2 billion|
|Minnesota||Precision Instruments||$2.417 billion|
|Mississippi||Mineral Products||$3.076 billion|
|Montana||Mineral Products||$256 million|
|Nevada||Accommodation and Food Services||$20 billion|
|New Hampshire||Machinery and Mechanical Appliances||$1.685 billion|
|New Jersey||Precious Metals, Stones, etc.||$2.624 billion|
|New Mexico||Machinery and Mechanical Appliances||$1.835 billion|
|New York||Precious Metals, Stones, etc.||$25 billion|
|North Carolina||Medical||$3.698 billion|
|North Dakota||Mineral Products||$1.814 billion|
|Oklahoma||Machinery and Mechanical Appliances||$1.1 billion|
|Oregon||Machinery and Mechanical Appliances||$10.125 billion|
|Pennsylvania||Mineral Products||$3.672 billion|
|Rhode Island||Precious Metals, Stones, etc.||$670 million|
|South Carolina||Automotive||$10.107 billion|
|South Dakota||Meat||$223 million|
|Tennessee||Precision Instruments||$3.425 billion|
|Texas||Mineral Products||$73 billion|
|Utah||Precious Metals, Stones, etc.||$3.714 billion|
|Vermont||Machinery and Mechanical Appliances||$1.6 billion|
|Virginia||Machinery and Mechanical Appliances||$1.5 billion|
|West Virginia||Mineral Products||$3.261 billion|
|Wisconsin||Machinery and Mechanical Appliances||$1.538 billion|
|Wyoming||Chemicals and Allied Industries||$1.25 billion|
The Economies Adding the Most to Global Growth in 2019
Global economics is effectively a numbers game – here are the countries and regions projected to contribute the most to global growth in 2019.
The Economies Adding the Most to Global Growth in 2019
Global economics is effectively a numbers game.
As long as the data adds up to economic expansion on a worldwide level, it’s easy to keep the status quo rolling. Companies can shift resources to the growing segments, and investors can put capital where it can go to work.
At the end of the day, growth cures everything – it’s only when it dries up that things get hairy.
Breaking Down Global Growth in 2019
Today’s chart uses data from Standard Chartered and the IMF to break down where economic growth is happening in 2019 using purchasing power parity (PPP) terms. Further, it also compares the share of the global GDP pie taken by key countries and regions over time.
Let’s start by looking at where global growth is forecasted to occur in 2019:
|Country or Region||Share of Global GDP Growth (PPP) in 2019F|
|Other Asia (Excl. China/Japan)||29%|
|Middle East & North Africa||4%|
|Latin America & Caribbean||3%|
|Rest of World||8%|
The data here mimics some of the previous estimates we’ve seen from Standard Chartered, such as this chart which projects the largest economies in 2030.
Asia as a whole will account for 63% of all global GDP growth (PPP) this year, with the lion’s share going to China. Countries like India and Indonesia will contribute to the “Other Asia” share, and Japan will only contribute 1% to the global growth total.
In terms of developed economies, the U.S. will lead the pack (11%) in contributing to global growth. Europe will add 8% between its various sub-regions, and Canada will add 1%.
Share of Global Economy Over Time
Based on the above projections, we were interested in taking a look at how each region or country’s share of global GDP (PPP) has changed over recent decades.
This time, we used IMF projections from its data mapper tool to loosely approximate the regions above, though there are some minor differences in how the data is organized.
|Country or Region||Share of GDP (PPP, 1980)||Share of GDP (PPP, 2019F)||Change|
|Developing Asia||8.9%||34.1%||+25.2 pp|
|European Union||29.9%||16.0%||-13.9 pp|
|United States||21.6%||15.0%||-6.6 pp|
|Latin America & Caribbean||12.2%||7.4%||-4.8 pp|
|Middle East & North Africa||8.6%||6.5%||-2.1 pp|
|Sub-Saharan Africa||2.4%||3.0%||+0.6 pp|
In the past 40 years or so, Developing Asia has increased its share of the global economy (in PPP terms) from 8.9% to an estimated 34.1% today. This dominant region includes China, India, and other fast-growing economies.
The European Union and the United States combined for 51.5% of global productivity in 1980, but they now account for 31% of the total economic mix. Similarly, the Latin America and MENA regions are seeing similar decreases in their share of the economic pie.
Which Countries Are Set to Attract the Highest Skilled Workers from Abroad?
The world’s most innovative companies want to get the best talent at any cost. See whether their home countries are helping or hurting their odds.
For the world’s most innovative companies, the stated goal of attracting top talent is not simply an HR mantra – it’s a matter of survival.
Whether we’re talking about a giant like Google that is constantly searching to add world-class engineers or we’re talking about a startup that needs a visionary to shape products of the future, innovative companies require access to high-skilled workers to stay ahead of their competition.
The Global Search for Talent
There’s no doubt that top companies will go out of their way to bring in highly-skilled workers, even if they must look internationally to find the best of the best.
However, part of this recruitment process is not necessarily under their control. The reality is that countries themselves have different policies that affect how easy it is to attract people, educate and develop them, and retain the best workers – and these factors can either empower or undermine talent recruitment efforts.
Today’s infographic comes from KDM Engineering, and it breaks down the top 25 countries in attracting high-skilled workers.
If attracting the best people isn’t hard enough, there is another factor that can complicate things: the best people are sometimes not found locally or even nationally.
For top companies, recruitment is a global game – and it’s partially driven by the policies of governments as well as the quality of life within their countries’ borders.
Top Countries for Attracting High-Skilled Workers
Using data from the United Nations and the Global Talent Competitive Index, here are the top 10 countries that are the best at attracting and retaining highly-skilled workers.
They are ordered by overall rank, but their sub-category ranks are also displayed:
|#3||🇬🇧 United Kingdom||#8||#11||#7||#5||8,543,120|
|#4||🇺🇸 United States||#11||#16||#2||#8||46,627,102|
The subcategory ranks are defined as follows:
- Enable: Status of regulatory and market landscapes in country
- Attract: Ability to attract companies and people with needed competencies
- Grow: Ability to offer high-quality education, apprenticeships, and training
- Retain: Indicates quality of life in country
According to the data, Switzerland (#1) and Singapore (#2) are the two best countries for attaining and keeping high-skilled workers.
While the regulatory environments in both of these countries are well-known by reputation, perhaps what’s more surprising is that Singapore scores the #1 rank in the “Attract” subcategory, while Switzerland is the #1 country for retaining talent based on quality of life.
Another data point that stands out?
The United States has a higher total migrant population (46.6 million) than all of the countries on the top 10 list combined. Not surprisingly, the massive U.S. economy also has a high ranking in the “Grow” category, which represents available opportunities to bring high-skilled workers to the next level through education and training.
Markets2 months ago
The Jeff Bezos Empire in One Giant Chart
Maps4 months ago
Mercator Misconceptions: Clever Map Shows the True Size of Countries
Advertising1 month ago
Meet Generation Z: The Newest Member to the Workforce
Misc4 months ago
24 Cognitive Biases That Are Warping Your Perception of Reality
Technology2 months ago
The 20 Internet Giants That Rule the Web
Environment4 weeks ago
The World’s 25 Largest Lakes, Side by Side
Healthcare4 months ago
An Illustrated Subway Map of Human Anatomy
Chart of the Week2 months ago
Chart: The World’s Largest 10 Economies in 2030