Although the country is now grappling with the delta variant of Covid-19, the economy of the United States has rebounded immensely from the depths it reached in the first half of 2020. Across the United States, every industry experienced a harsh initial impact on their economies. Since then, however, the recovery has been very uneven, with some industries returning to pre-pandemic form and others not so much. Using data from the Bureau of Economic Analysis (BEA), we broke down how much each industry in the U.S. has produced in output in the first quarter of 2021.
U.S. Industries by GDP in Q1 2021
The BEA organizes industries under broader categories, for instance, the real estate industry falls under a larger industry group termed, “Real estate and rental and leasing”, which in turn, falls under the larger industry category, “Finance, insurance, real estate, rental, and leasing.” Looking at industry groups on the broadest level, the group with the largest GDP in Q1 2021 is Finance, insurance, real estate, rental, and leasing, with approximately $7.87 trillion in output. In second place is Manufacturing, with a GDP of $6.4 trillion; this is followed by Professional and business services, with a reported $4.5 trillion in gross output for Q1 2021.
On the more detailed and specific industry level, the real estate industry ranked No. 1 as the industry with the largest GDP in Q1 2021, at more than $4 trillion ($4,008,708,000,000). That is up 3.4% from Q1 2020, when the real estate industry’s gross output was $3.88 trillion, reflecting in part the massive rebound in housing market activity across the country that has occurred over the last 12 months. Within the real estate industry, the BEA breaks down further into “Housing” and “Other real estate,” with the former reporting a first quarter GDP of $2.49 trillion and the latter $1.52 trillion. Going back to Q1 2005 (the earliest quarter the BEA has data for), Housing and Other real estate’s GDPs in Q1 2021 are the highest on record.
Below is a table of all industries in the U.S. with their Q1 2021 gross outputs; they are not ranked, but in order of industry categorization as organized by the BEA.
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August 24, 2021 at 01:27AM
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2021 U.S. GDP By Industry - Forbes
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