Healthcare Dominates the U.S. Economy, but What About New York?
While the United States is known for being an industrial giant and exporter of everything from petroleum to Boeing airliners, the largest business sector in the country might surprise you—it's healthcare.
Census Bureau data reveals that a significant 14% of America's total workforce is employed in the medical profession. In 2021, the Federal Government spent a staggering $4.3 trillion on health, doubling the expenditure of other advanced economies.
However, if we were to exclude hospitals, healthcare, and medical practices, which industry would rise to prominence in America? A study conducted by OnDeck sought the answer to this question and through research found that manufacturing takes the lead.
The manufacturing sector contributes an impressive $2.3 trillion to the U.S. economy. What's more, is that data shows that 32 U.S. states have more companies in the manufacturing sector than any other non-healthcare profession.
Curious about what industry, after healthcare, takes the spotlight in New York, OnDeck delved further into research and the answer might not be what you expected. Contrary to popular belief, the leading non-healthcare sector in New York is not finances or retail.
OnDeck determined that accommodation services are actually the second-largest industry in the state of New York which aligns with the state's reputation for drawing in tourists and visitors from around the world.
Accommodation services include the offering of lodging through hotels, motels, bed and breakfasts, and similar establishments. With New York State's bustling tourism industry, it comes as no surprise that accommodation services play a major role in the state's economy.
So, while healthcare and manufacturing dominate most of the United States, healthcare and the accommodation services industry shines in the great state of New York.