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The Most Profitable Industry in Every U.S. State

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The Most Profitable Industry in Every U.S. State

The 11 Major Industries Leading America’s Exports

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.

Today’s graphic from HowMuch.net uses data from GO Banking Rates and the U.S. Census Bureau to map out the most profitable industry in each U.S. State.

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:

  1. Texas – Abundant oil supply helped the Lone Star State bring in more than $73 billion from mineral products last year.
  2. Washington – Despite a 9% drop from the previous year, aerospace still pulled in $42 billion for Washington state in 2017.
  3. California – Machinery and mechanical appliances lead the Golden State, to the tune of $27 billion.
  4. New York – Diamonds are New York’s best friend, where the precious metals and stones industry earned more than $25 billion in export sales.
  5. 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:

StateMost Profitable IndustryValue of industry's top-selling products (2017)
AlabamaAutomotive$8 billion
AlaskaFishing$2.359 billion
ArizonaMachinery and Mechanical Appliances$4.27 billion
ArkansasAerospace$1.5 billion
CaliforniaMachinery and Mechanical Appliances$27 billion
ColoradoMeat$1 billion
ConnecticutAerospace$5.627 billion
DelawareAutomotive$858 million
FloridaMachinery and Mechanical Appliances$7.576 billion
GeorgiaAerospace$6.694 billion
HawaiiAerospace$370 million
IdahoMachinery and Mechanical Appliances$1.309 billion
IllinoisMachinery and Mechanical Appliances$5.7 billion
IndianaAutomotive$7.526 billion
IowaMeat$1.324 billion
KansasAerospace$2.565 billion
KentuckyAerospace$11.649 billion
LouisianaMineral Products$23 billion
MaineFishing$431 million
MarylandAerospace$814 million
MassachusettsPrecision Instruments$3.2 billion
MichiganAutomotive$22.735 billion
MinnesotaPrecision Instruments$2.417 billion
MississippiMineral Products$3.076 billion
MissouriAutomotive$2.234 billion
MontanaMineral Products$256 million
NebraskaMeat$1.52 billion
NevadaAccommodation and Food Services$20 billion
New HampshireMachinery and Mechanical Appliances$1.685 billion
New JerseyPrecious Metals, Stones, etc.$2.624 billion
New MexicoMachinery and Mechanical Appliances$1.835 billion
New YorkPrecious Metals, Stones, etc.$25 billion
North CarolinaMedical$3.698 billion
North DakotaMineral Products$1.814 billion
OhioAutomotive$6 billion
OklahomaMachinery and Mechanical Appliances$1.1 billion
OregonMachinery and Mechanical Appliances$10.125 billion
PennsylvaniaMineral Products$3.672 billion
Rhode IslandPrecious Metals, Stones, etc.$670 million
South CarolinaAutomotive$10.107 billion
South DakotaMeat$223 million
TennesseePrecision Instruments$3.425 billion
TexasMineral Products$73 billion
UtahPrecious Metals, Stones, etc.$3.714 billion
VermontMachinery and Mechanical Appliances$1.6 billion
VirginiaMachinery and Mechanical Appliances$1.5 billion
WashingtonAerospace$42.163 billion
West VirginiaMineral Products$3.261 billion
WisconsinMachinery and Mechanical Appliances$1.538 billion
WyomingChemicals and Allied Industries$1.25 billion

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Chart of the Week

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.

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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 RegionShare of Global GDP Growth (PPP) in 2019F
China33%
Other Asia (Excl. China/Japan)29%
United States11%
Middle East & North Africa4%
Euro Area4%
Latin America & Caribbean3%
Other Europe3%
Sub-Saharan Africa2%
Japan1%
United Kingdom1%
Canada1%
Rest of World8%

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 RegionShare of GDP (PPP, 1980)Share of GDP (PPP, 2019F)Change
Developing Asia8.9%34.1%+25.2 pp
European Union29.9%16.0%-13.9 pp
United States21.6%15.0%-6.6 pp
Latin America & Caribbean12.2%7.4%-4.8 pp
Middle East & North Africa8.6%6.5%-2.1 pp
Sub-Saharan Africa2.4%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.

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Economy

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.

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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.

Which Countries Are Set to Attract the Highest Skilled Workers from Abroad?

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:

Overall RankCountryEnableAttractGrowRetainMigrants
#1🇨🇭 Switzerland#2#5#5#12,438,702
#2🇸🇬 Singapore#1#1#13#72,543,638
#3🇬🇧 United Kingdom#8#11#7#58,543,120
#4🇺🇸 United States#11#16#2#846,627,102
#5🇸🇪 Sweden#9#13#8#41,639,771
#6🇦🇺 Australia#17#6#9#146,763,663
#7🇱🇺 Luxembourg#21#2#17#3249,325
#8🇩🇰 Denmark#3#15#3#15572,520
#9🇫🇮 Finland#6#21#4#9315,881
#10🇳🇴 Norway#13#14#10#2741,813

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.

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