Research by business credit card experts Capital on Tap analyzed 26 industries’ gross domestic product using data from the Bureau of Economic Analysis to reveal which industries are producing the most money in each state.
The industries making the most money in Arizona are as follows:
1. Real estate and rental and leasing: In the second quarter of 2022, in the state of Arizona, the Real estate and rental and leasing industry produced $67,358,900,000 GDP.
2. Manufacturing: This industry made $39,280,600,000
3. Healthcare and social assistance: This industry contributed to $37,604,400,000 GDP.
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Overall, the latest figures show that real estate contributed the largest amount to the United States’ gross domestic product, with a total of $3.1 trillion during the second quarter of 2022.
The GDP for all industries during that period was $25.2 trillion, which means that real estate accounted for 12% of national output. Manufacturing came in second place, delivering $2.7 trillion in GDP, which equates to 11% of the country’s overall economic performance.
According to recent data, in the third quarter of 2022, the United States manufacturing sector increased output by 1.9%, with over 16 million people employed in this industry across the country. Manufacturing has seen a steady increase since the closures and disruptions during the pandemic and predictions for further growth in 2023 are on the table.
The real estate market was tough to navigate in 2022 with house prices fluctuating and reaching record highs. These are now on the decline, which is promising for buyers in 2023, as well as for the industry.
Damian Brychcy, COO at Capital on Tap, said: “For small business owners, GDP is an important indicator of the economy’s overall health and potential for growth, and from that perspective, the outlook is generally positive, as national GDP has steadily grown in each consecutive quarter since the start of 2021. I think there is a question as to whether that growth can be maintained in 2023 and that’s something small business owners will be following closely.”
