In 2024, the US produced $29.2 trillion in goods and services.
This is the total of what each industry and government sector contribute to the economy, and it’s called value added. Value added is calculated by subtracting production costs (materials, services, work pay, taxes) from the value of the goods and services created. It makes up the gross domestic product (GDP), the standard measure of a country’s economy.
What goods and services does the US produce?
Over four-fifths (83.3%) of value added to the US economy in 2024 was via services, for a total of $24.3 trillion.
Services include housing and utilities, transportation, financial services and insurance, healthcare, recreation, food services and accommodations, and others.
The five services with the most value added in 2024 were:
- Finance, insurance, real estate, rental, and leasing ($6.2 trillion)
- Professional and business services ($3.8 trillion)
- Educational services, healthcare, and social assistance ($2.5 trillion)
- State and local government ($2.2 trillion)
- Retail trade ($1.8 trillion)
The finance, insurance, real estate, rental, and leasing industry produced 25.5% of the total value added that came from services.
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Goods generated nearly a fifth of GDP (16.7%) in 2024, with $4.9 trillion in value added.
According to the Bureau of Economic Analysis (BEA), the goods-producing industries in the US are agriculture, mining, construction, and manufacturing. Manufacturing accounted for nearly two-thirds (59.8%) of all the goods produced in the US in 2024, generating $2.9 trillion.
Manufacturing produces durable goods (things that will last for more than three years) and nondurable goods (things that will not, like personal care products, food, and gas). US manufacturing output is nearly even: durable goods had just over $1.5 trillion value added, and nondurable goods had close to $1.4 trillion.
Across all US manufacturing, the goods producing the most value added in 2024 were:
- Chemical products ($575.2 billion)
- Food, beverage, and tobacco products ($350.1 billion)
- Computer and electronic products ($308.3 billion)
- Machinery ($211.8 billion)
- Petroleum and coal products ($194.4 billion)
- Non-motor vehicle transportation equipment ($193.3 billion)
- Fabricated metal products like architectural and structural metals; metal hand tools; and screw, nut, and bolt manufacturing ($191.5 billion)
- Cars and car parts ($190.5 billion)
- Miscellaneous manufacturing, including durable goods that can’t be easily categorized into other manufacturing sectors, like sports equipment, toys, and medical equipment ($126.8 billion)
- Plastics and rubber products ($99.2 billion)
What goods and services does the US import?
The US also imports goods and services, although imports represent less value: In 2024, the US produced about seven times more goods and services than it imported — $29.2 trillion compared to $4.1 trillion. In other words, for every $1 of value in imports, the US produces nearly $29.
Imports included around $3.3 trillion in goods and $812.2 billion in services, meaning the US imported around four times more goods than services.
There are several reasons for importing vs. producing domestically, including consumer demand, goods that are not produced domestically, and cost; some foreign-produced goods and services are cheaper to import than they would be to make domestically. In some industries, such as food and beverage or automotive supplies, the US both produces goods and imports them.
What is an imported service?
The BEA defines imported services as services purchased by US residents from foreign residents. The includes US residents spending money on services abroad, such as lodging during travel. This is considered an import because US money is being spent outside of the country.
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Page sources and methodology
All of the data on the page was sourced directly from government agencies. The analysis and final review was performed by USAFacts.
