What does the US produce?

What does made in America mean these days? It often means its service sector — think finance, real estate, and healthcare services. In fact, services contributed over four times more to the nation’s GDP in 2024 than goods.  In 2024, the US produced $29.2 trillion in goods and services, with $24.3 trillion (83.3%) coming from services and $4.9 trillion (16.7%) from goods.  These financial figures are called “value added,” aka what these sectors contribute to the economy. (Read the article for more on how value added is calculated.)  Finance, insurance, real estate, rental, and leasing accounted for $6.2 trillion (or 25.5%) of all service-based value. Professional and business services followed ($3.8 trillion), followed by educational services, healthcare, and social assistance ($2.5 trillion).  Goods production is, of course, still crucial to the economy. The nation’s goods-producing industries are agriculture, mining, construction, and manufacturing. Manufacturing alone accounted for 59.8% of all US-produced goods, generating $2.9 trillion. The top goods by value added were chemical products ranked first at $575.2 billion, then food, beverage, and tobacco products ($350.1 billion). Computer and electronic products ($308.3 billion) were third.

The US produced about seven times more goods and services than it imported in 2024 — $29.2 trillion compared to $4.1 trillion. In other words, for every $1 of value in imports, we produced a little over $7.

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