United States economy

During the second half of the 20th century, the United States had the largest GDP on the planet and was the world hegemonic power. Its nominal GDP, estimated at more than 20.5 trillion dollars in July 2019 (20.5 trillions in the Anglo-Saxon measurement system) represents approximately 1/4 of world nominal GDP. Overall, the European Union would have an even lower but very similar GDP, but it is not considered a nation. GDP in US purchasing power parity represents 1/5 of world GDP PPP. In turn, the United States maintains a high level of production and a GDP per capita (PPP) of about 53,042 dollars, the seventh highest in the world, which makes the United States, in these terms, one of the richest nations in the world. world. If GDP (PPP) is used from 2012-2014 according to the source, China surpassed the United States, although not in per capita income or nominal GDP. In addition, the United States continues to be the largest industrial producer in the world and the country with the highest volume of international trade, its main trading partners being China, Canada and Mexico.

In summary, the volume and influence of the United States economy make its currency, the US dollar, and its language, English, the means of commerce and communication continue to be very influential worldwide.

The United States is a mixed-type capitalist economy that has managed to maintain a stable global GDP growth rate, moderate unemployment, and high levels of research and capital investment. It has been, not counting colonial empires, the world's largest national economy since the 1890s.

Currently, most of the economy is based on the service sector, but unlike most post-industrial countries, it continues to maintain an important and competitive industrial sector, specialized in high technology and cutting-edge sectors, representing a 20% of world manufacturing production. Of the world's 500 largest companies, 133 are headquartered in the United States, twice the total of any other country in the world. The job market in the United States has attracted immigrants from around the world and their net rate migration is among the highest in the world. It is considered the country with the most facilities for doing business and is located in 4th place in the Global Competitiveness Index.

Its powerful currency, the US dollar, accounts for 60% of the world's reserves, while the euro accounts for 24%. It has the largest financial market and is a country that stands out for its influence on any international economic and political decision. Foreign investment was valued in 2011 at $2.4 trillion, holding first place. US investments in foreign countries total $3.3 trillion. At the start of 2012, its public and private debt stood at $50.2 trillion, more than triple its GDP. Of this 50.2 trillion, almost 15 trillion (more than 90% of GDP) corresponded to public debt. Since 2010, the EU is its main trading partner as a whole, ahead of Canada, China and Mexico, its main business partners nationwide.

In 2016, the top 1% of Americans held 63% of the country's wealth according to the Boston Consulting Group, and should continue to see this proportion rise to surpass 70% by 2021.

According to Philip G. Alston, the UN Rapporteur on Extreme Poverty and Human Rights: "Their enormous wealth and knowledge stand in stark contrast to the conditions in which large numbers of their citizens live. Some 40 million live in poverty, 18.5 million in extreme poverty and 5.3 million live in conditions of extreme poverty typical of the Third World".

Foreign trade

In 2020, the country was the second largest exporter in the world (US$1,640,000,000,000), 8.8% of the world total). In the sum of exported goods and services, it reaches US$2,490,000,000,000, losing slightly to China, which exported US$2,640,000,000,000. In imports, in 2019, it was the largest importer in the world: 2.56 trillion dollars.

Primary sector

Agriculture

In 2018, the United States:

• They were, with much, the largest global corn producer (392 million tons). The country has been the world leader in corn production for decades and only recently China, with 257.3 million tonnes produced this year, has approached the production of North America;
• They were the world's largest soy producer (123.6 million tons), a position they occupied for many years, but they have recently been competing with Brazil for world leadership. Brazil exceeded US soy production by 2020;
• They were the fourth world wheat producer (51.2 million tons), only surpassed by China, India and Russia;
• They were the third world producer of sugar beet (30 million tons), only surpassed by Russia and France (the beetle is used for the manufacture of sugar and ethanol);
• It was the tenth world sugarcane producer (31.3 million tons). Cane is also used for the manufacture of sugar and ethanol;
• They were the fifth world potato producer (20.6 million tons), only surpassed by China, India, Russia and Ukraine;
• They were the third world producer of tomatoes (12.6 million tons), only surpassed by China and India;
• They were the third world cotton producer (11.4 million tons), only surpassed by China and India;
• It was the twelfth world rice producer (10.1 million tons);
• They were the world's largest producer of sorghum (9.2 million tons);
• They were the third world producer of grapes (6.8 million tons), only surpassed by China and Italy;
• They were the fourth world producer of orange (4.8 million tons), only surpassed by Brazil, China and India;
• They were the second world producer of apples (4.6 million tons), only surpassed by China;
• They were the third world producer of onion (3.2 million tons), only surpassed by China and India;
• They were the third world producer of peanuts (2.4 million tons), only surpassed by China and India;
• They were the world's largest producer of almonds (1.8 million tons);
• They were the second world strawberry producer (1.3 million tons), only surpassed by China;
• It was the tenth world producer of oats (814 thousand tons);
• It was the eighth world lemon producer (812 thousand tons);
• They were the third world producer of pear (730 thousand tons), only surpassed by China and Italy;
• They were the third largest producer of green peas in the world (722 thousand tons), only surpassed by China and India;
• They were the sixth world producer of melocoton (700 thousand tons);
• They were the second world producer of walnut (613 thousand tons), only surpassed by China;
• They were the second world producer of pistachio (447 thousand tons), only surpassed by Iran;
• They were the third world producer of lentils (381 thousand tons), only surpassed by Canada and India;
• They were the second world producer of spinach (384 thousand tons), only surpassed by China;
• They were the fourth world plum producer (368 thousand tons), only surpassed by China, Romania and Serbia;
• They were the fourth world tobacco producer (241 thousand tons), only surpassed by China, Brazil and India;
• They produced 3.6 million tons of lettuce and chicoria;
• They produced 3.3 million tons of barley;
• They produced 1.7 million tons of beans;
• It produced 1.7 million tons of watermelon;
• They produced 1.6 million tons of colza;
• It produced 1.5 million tons of carrots;
• It produced 1.2 million tons of cauliflower and broccoli;
• They produced 960 thousand tons of sunflower;
• They produced 804 thousand tons of mandarin;

In addition to smaller productions of other agricultural products, such as melon (872 thousand tons), pumpkin (683 thousand tons), grapefruit (558 thousand tons), red cranberry (404 thousand tons), cherry (312 thousand tons), blueberry blue (255 thousand tons), rye (214 thousand tons), olive (138 thousand tons), etc.

The great diversity of climates and soils allows agriculture with a full range of products typical of temperate and subtropical regions, equipped with the most modern agricultural techniques, which makes the United States one of the world's largest producers of a great variety of agricultural products. Most of the agricultural area is devoted to the cultivation of cereals (77.83 million hectares), among which wheat (23.35 million hectares, 12.5% of world production) and corn (27 86 million ha and 40% of world production). In both cases, the United States is the world's leading producer and exporter^{[citation needed]}.

El ingreso medio de un hogar en la ciudad era de $64 297 y el ingreso medio de una familia era de $73 614. Los hombres tenían un ingreso medio de $52,203 frente a $36,194 para las mujeres. El ingreso per cápita de la ciudad fue de $ 27.971. Aproximadamente el 2,0% de las familias y el 3,1% de la población estaban por debajo del umbral de pobreza, incluido el 3,3% de los menores de 18 años y el 4,8% de los mayores de 65 años.

Gobierno

Lake St. Croix Beach o Ciudad de Lake Saint Croix Beach es una ciudad en el condado de Washington, Minnesota, Estados Unidos. La población era 1.043 en el censo de 2010.

Geografía

Según la Oficina del Censo de los Estados Unidos, la ciudad tiene una superficie total de 0,99 millas cuadradas (2,56 km²); 0,55 millas cuadradas (1,42 km²) es tierra y 0,44 millas cuadradas (1,14 km²) es agua. El condado 18 sirve como ruta principal.

Demografía

Soy

Soy production – Year 2016
Country	Production (millions of tons)
United States	103.4
Brazil	103.0
Argentina	57.0
China	12.2
India	11.7
Paraguay	9.0
Canada	6.0
Total	324.2
Source: GlobalSoyBeanProduction.com, republished from USDA

The United States, Brazil, and Argentina are the world's largest soybean producers, accounting for more than 80% of global soybean production (table).

In the 1960 Dillon round of the General Agreement on Tariffs and Trade (GATT), the United States guaranteed duty-free access for its soybeans to the European market. In the 1960s, the United States exported more than 90% of the world's soybeans. In 2005, the main exporters of soybeans were Argentina (39% of world soybean exports), the United States (37%) and Brazil (16%), while the main importers were China (41% of world soybean imports).), European Union (22%), Japan (6%) and Mexico (6%).

Before the 1920s 20th century, soybeans were primarily a forage crop in the US, a source of oil, meal (for feed) and industrial products, with very little use as human food. However, it took on an important role after World War I. During the Great Depression, drought-stricken regions (Dust Bowl) of the United States were able to use soybeans to regenerate their soil due to its nitrogen-fixing properties. Farms were increasing production to meet government demands, and Henry Ford became a promoter of soybeans. In 1931 Ford hired chemists Robert Boyer and Frank Calvert to produce artificial silk. They succeeded in making a textile fiber from soy protein fibers spun, hardened or tanned in a formaldehyde bath, which was named Azlon. It never made it to the commercial market. Soybean oil was used to paint the cars, as well as fluid for the shock absorbers.

Tofu was introduced to Japanese American internment camps during World War II, gradually spreading into conventional cooking. New varieties were developed to improve the mildness of soybean oil. The counterculture in the San Francisco region popularizes soy foods. Although virtually unseen in 1900, by 2000 they covered more than 70 million acres, second only to corn, and became the largest cash crop in the United States.

In April 2018, China, in the midst of a trade conflict with the US, announced an increase in tariffs for soybean imports from the US.

Cereal

Secano cultivation in Idaho

The United States occupies an important place in the cultivation of wheat. It occupies the fifth position worldwide and the first exporter. According to USDA data, the top five wheat producers, including the US, harvest 70% of the world total. This total is close to 740 million tons, of which the US produces 62.8 million. The US grows two varieties of wheat depending on the season, winter or spring, hardness (hard or soft), or color (red or white). The top five producing states in 2016 were: Kansas with 62,858 tons, North Dakota with 12,720, Montana with 5,788, Oklahoma with 3,715, and Texas with 2,438.

The cultivation of corn occurs mainly in two areas: the “American Midwest” (or Midwest in English) and the plains (or “Great Plains”) that go from north to south highlighting North Dakota, South Dakota, Nebraska and Kansas. The sum of these states can be called the Corn Belt or «Cinturón Maicero». The top five producing states in 2016 were: Iowa with 69 million tons, Illinois with 57 million tons, Nebraska with 43 million tons, Minnesota with 39 million tons, and Indiana with 24 million tons.

Fruit Trees

The USA is the world's second largest producer of apples after China and ahead of Poland. The three states with the highest production are Washington, New York and Michigan. Harvest season occurs in August in the north and in September in the east and west.

Livestock

Farm in Pennsylvania

In livestock, the United States was, in 2019, the world's largest producer of beef, with a production of 12.3 million tons; the world's largest producer of chicken meat, with a production of 20.1 million tons; the world's largest producer of cow's milk, with a production of 99 billion liters; the second world producer of pork (only surpassed by China), with a production of 12.5 million tons; the sixth world producer of honey, with a production of 71.1 thousand tons, among others.

Similarly, cattle farming in the United States is the first in the world, not because of the number of heads, but because of the high yield obtained in food products and because of the balanced integration that exists between agriculture and livestock. The main herds are cattle, porcine and bovine. The United States is the world's leading producer of meat, milk, butter and eggs.

Cattle farming

Bovina Livestock in California

In 2016, the US cattle census increased by 2%, counting at the beginning of that year with 93.6 million head. Cattle destined for meat production reach 31.2 million, with an increase of 3%. Projections for bovine farming between the years 2018-2026 are upward, with an increase of 12% for the second date. A continuous annual increase of 1% is expected for meat production, which would go from 11.25 million tons in 2016 to 12.6 in 2026. If these estimates are met, the country will maintain its position as the fourth exporter world, after Australia, India, and Brazil.

Sheep farming

In January 2016, the number of sheep was 5.3 million. The American Sheep Industry Association released its 2017 Economic Impact Study, showing that the country's 88,000 sheep farmers generated total economic volume of 5.8 billion dollars in 2016.

Pig farming

Intensive swine wins in the midwest of the USA. U.S.

The swine herd reached 73.2 million head on December 1, 2017, according to the USDA. This value is 2% higher than that of the end of 2016 and the highest since the last decade. The rise in prices, as well as the increase in exports from the US have favored the increase in production. Pork production would be the one that would register the highest growth, according to projections for the years 2018-2026, around of 1.3% per year. On the one hand, domestic demand and exports are expected to grow thanks to the greater competitiveness of US pork.

Poultry farming

According to the USDA, world production of chicken meat continued to grow in 2017 and will exceed 90 million tons in 2018. According to projections for the years 2018-2026, the growth of chicken meat production and Turkey will see a slowdown with growth below 1%, with the consequent increase in prices. The US will remain the world's second largest exporter of poultry after Brazil.

Fishing

Fishing in Tybee Island, Georgia

Fishing is of relative importance to the US economy (6% of world catches) and the most prominent species in this area are salmon, tuna, halibut, herring and bonito.

As with other countries, the 200 nautical mile (370 km) Exclusive Economic Zone (EEZ) off the coast of the United States grants its fishing industry special fishing rights. It covers 11.4 million square kilometers (4.38 million square miles), making it the largest area in the world, exceeding the land area of the United States.

According to the FAO, in 2005 the United States harvested 4,888,621 tons of fish from wild fisheries and another 471,958 tons from aquaculture. This made the United States the fifth largest producer of fish after China, Peru, India and Indonesia, with 3.8 percent of the world total.

Currently, inland and nearshore fisheries are managed by state (or regional or county) fisheries commissions. State jurisdictions generally extend 3 nautical miles (6 km) out to sea. Coastal fisheries in the EEZ beyond state jurisdictions are the responsibility of the federal system. The main institutions of the federal system are eight regional fisheries management councils and the National Marine Fisheries Service (NMFS), also known as NOAA Fisheries.

NMFS works in partnership with regional fisheries management councils to prevent overfishing and restore overexploited stocks. The objectives are to reduce the intensity of fishing, control fisheries and implement measures to reduce bycatch and protect the habitat of the marine reserve.

Fish Farms

Tilapia breeding in California

The value of aquaculture products increased from $45 million in 1974 to approximately $866 million (out of a total of 393,400 tons) in 2003.

Aquaculture, in the United States, includes the farming of fish and crustaceans that are grown to market size in ponds, tanks, cages, or channels and released into the wild. Aquaculture is also used to support commercial and recreational marine fisheries by improving or rebuilding populations of wild populations. It also includes the culture of ornamental fish for the aquarium trade, as well as plant species used in various pharmaceutical, nutritional, and biotech products.

According to the FAO, in 2004 the United States ranked tenth in total aquaculture production, behind China, India, Vietnam, Thailand, Indonesia, Bangladesh, Japan, Chile and Norway. The United States imports aquaculture products from these and other countries and runs an annual seafood trade deficit of more than $9 billion.

Total US aquaculture production, including aquatic plants, is about $1 billion annually, compared to total world production of about $70 billion. Only about 20% of US aquaculture production comes from marine species. NOAA estimates that annual domestic aquaculture production of all US species could increase from around 0.5 million tons to 1.5 million tons by 2025.

Forestry

Wooden exploitation in Oregón

The forest area occupies a third of the territory and is located in greater extension in the Appalachians, the Rocky Mountains and the Sierra Nevada. The most abundant tree species are pines and firs. Currently, the US allocates around 290 million hectares to forestry activities, a third of which is protected. About a billion trees are planted for commercial purposes each year.

There is now a significant lumber economy in the US, directly employing about 500,000 people in three industries: logging, sawmilling, and panel.

Annual production in the US is more than 9,144,000,000 million boards, making the US the largest producer and consumer of lumber. Despite advances in technology and safety awareness, the logging industry remains one of the most dangerous industries in the world.

While there are challenges in today's market, the US remains the second largest exporter of timber in the world. Its main markets are Japan, Mexico, Germany and the United Kingdom. Due to higher labor costs in the country, it is common practice to export raw materials, convert them into finished products, and import them back into the United States. For this reason, more raw products are exported, including logs and chips. pulpwood than imported, while finished products such as sawn lumber, plywood and veneer, and panel products have higher imports than exports.

Wealth of the subsoil

Bingham Canyon mine southwest of Salt Lake City, Utah

Its greatest wealth is centered in the subsoil: the United States owns a third of the world's coal reserves (more than 240,000 million tons), producing 22% of the coal consumed globally.^{[citation needed]} The major watersheds are in the Great Lakes, western slopes of the Apalacxedddddhes (from Pennsylvania to Alabama), eastern Rocky Mountains, and the central plains. Oil is plentiful: the quintessential oil states are Texas (30% of national production), Louisiana (15%), Alaska (20%), and California (13%). The refining capacity is 15,000 million barrels per day and its reserves are estimated at 22,300 million barrels (13th largest in the world). Next to the oil zones there are rich deposits of natural gas, mainly in Texas and Louisiana. The uranium, of which it is the fifth largest producer in the world, is used to supply the 105 nuclear power plants in the country.

Mining

In 2019, the country was the world's 4th largest gold producer; 5th largest global producer of copper; 5th largest global producer of platinum; 10th largest global producer of silver; 2nd largest global producer of rhenium; 2nd largest producer global sulfur producer; 3.er global phosphate producer; 3.er world producer of molybdenum; 4th world producer of lead; 4th world producer of zinc; 5th world producer of vanadium; 9th world producer of iron ore; 9th world producer of potash; 12th world producer of cobalt; 13th world producer of titanium; world's largest producer of gypsum; 2nd world producer of kyanite; 2nd world producer of limestone; in addition to being the 2nd world producer of salt. It was the 10th world producer of uranium in 2018.

The United States ranks first in the production of coal, uranium, molybdenum, phosphates, magnesium, silver, gold, platinum, aluminum and prominent places in the production of others (iron, lead, zinc, mercury, tungsten, asbestos, cadmium, among others). Despite extracting 20% of the world's minerals, it is a net importer of many others such as bauxite, tin, manganese, cobalt, chromium, nickel, titanium and vanadium.

Strategic oil reserve in Nederland, Texas

Main elements mined in the US in 2015

Charcoal

Carboniferous regions of the USA. in 1996

Coal mining in the United States is an industry in transition. Production in 2016 fell 37% from a peak production of 1,162.7 million tons in 2006. Employment of 50,000 coal miners is down from a peak of 883,000 in 1923. Electricity generation is the largest destination for coal and is used for produce 50% of electric power in 2005 and 30% in 2016: 1 The country is a net exporter of coal. US coal exports, for which Europe is the largest customer, peaked in 2012 and have declined since. In 2015, the US exported 7.0 percent of mined coal.

Coal continues to be a major factor in all 25 states where it is mined. According to the US Energy Information Administration (EIA), in 2015 Wyoming, West Virginia, Kentucky, Illinois, and Pennsylvania produced approximately 639 million tons, representing 71% of total US coal production..

The hardest coal, anthracite, originally used for steel production, heating, and as fuel for ships and railways, was reduced by the year 2000 to a negligible portion of production. Softer bituminous coal replaced anthracite for steel production. Sub-bituminous coals and even softer lignites outperformed bituminous in the decade 2000-2009^{[citation needed]}.

The sector is currently facing various solvency problems. In 2015, four publicly traded US coal companies filed for Chapter 11 bankruptcy protection, including Patriot Coal Corporation and Walter Energy. As of January 2016, more than 25% of coal production was bankrupt in the US, including the top two producers, Peabody Energy and Arch Coal. . When Arch Coal filed for bankruptcy protection, the price of coal had fallen 50% since 2011 and it was $4.5bn in debt. On October 5, 2016, Arch Coal emerged from Chapter 11 bankruptcy protection.

Copper

Mining Machinery in Bingham Utah Cannon Mine

Copper mining in the US has been a major industry since the emergence of the Northern Michigan copper district in the 1840s. In 2014, the United States produced 1.37 million metric tons of copper, with a value of 9,700 million dollars, which makes it the fourth largest copper producer in the world, after Chile, China and Peru. Copper was produced from 27 mines in the US. The top copper-producing states in 2014 were (in descending order) Arizona, Utah, New Mexico, Nevada, and Montana. Minor production also came from Idaho and Missouri. As of 2014, the US had 35 million tons of known remaining copper reserves, the fifth largest known copper reserves in the world, after Chile, Australia, Peru, and Mexico.

Copper in the United States is used primarily in construction (43%) and electrical equipment (19%). In 2014, the nation produced 69% of the copper it used, relying on imports from Chile, Canada, Peru, and Mexico for the remaining 31%. Copper mining activity increased in the early 2000s due to the continued rise in price. In 2013, US copper mining produced 28,500 metric tons of molybdenum, worth between $700 and $800 million, accounting for 47% of total US production. In 2014, copper mining produced about 15 metric tons of gold, worth $600 million, which represented 7% of United States gold production. Other byproducts of the copper mining process included silver and minor amounts of rhenium and platinum group metals. Sulfuric acid is recovered in copper smelters.

Gold

Gold production between 1840 and 2010

US gold production increased dramatically during the 1980s, due to high gold prices and the use of heap leaching to recover gold from scattered low-grade deposits in Nevada and other states. In 2016, the United States produced 209 tons of gold, valued at around US$8.5 billion, and 6.7% of world production, making it the fourth gold-producing nation, behind China, Australia, and Russia.. Most of the gold produced in the United States today comes from large open pit heap leach mines in the state of Nevada. The United States is a net exporter of gold.

Iron

Iron mining in the United States produced 42.5 million metric tons of ore in 2015, worth $3.8 billion. Iron ore was the third-highest value metal mined in the United States, after gold and copper. Iron ore was extracted from nine active mines and three reclamation operations in Michigan, Minnesota, and Utah. Most of the iron ore was mined in the Mesabi Range of northern Minnesota. Net exports (exports minus imports) were 3.9 million tons. US iron ore accounted for 2.5% of the total mined worldwide in 2015. Employment as of 2014 was 5,750 in iron mines and treatment plants. Iron mining from the US The US is dominated by Precambrian banded iron-forming deposits around Lake Superior in Minnesota and Michigan; such deposits were also mined in Wisconsin. Over the past 50 years, more than 90% of US iron ore production has been extracted from Lake Superior deposits^{[citation needed]}.

Secondary sector

This image compares the US states to countries with similar GDP approximately in 2012.

Industry

The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, the United States has the second most valuable industry in the world ($2,300,000,000,000), behind only China.

Industry contributes 20% of GDP. There are three large industrial regions with differentiated characteristics.

In the Northeast lies the world's most powerful and dynamic^{[citation needed]}, which stretches from Lake Erie to the Atlantic Ocean and is home to the most of the country's heavy industry. The Pittsburgh region is the main steelmaking hub, with aluminum production and consumption tending to replace steel. The second largest industrial region is found in the southeast region, where there is a considerable dispersion of manufacturing centers. Mining (coal in the southern Appalachians and iron in Alabama) and light industry have been accompanied in recent years by important petrochemical and metallurgical facilities (Texas), as well as by the development of numerous electronic equipment companies, driven by as a result of aerospace stations such as those in Houston and Cape Canaveral in Florida. The western industrial region has experienced an economic boost in the last 50 years to become one of the poles of development of the national and world economy. Particularly important is aeronautics (Boeing factories) and missile manufacturing, as well as numerous electronic and computer equipment companies (Facebook, Google, Android, Microsoft, HP, among others). The importance of the American industry can be appreciated by the place that its companies occupy, among the most important in the world. Of the first 12, 5 are American. The most prominent group is the computer industry and oil refining (Exxon Mobil, Texaco, Chevron), followed by automobile companies (General Motors, Ford Motor Company).

Graphic representation of the country's export products in 28 color-coded categories.

Steel Industry

In 2019, the United States was the fourth largest steel producer in the world (87.9 million tons).

In 2014, the iron and steel industry in the United States was the world's third-largest producer of crude steel (after China and Japan) and the sixth-largest producer of pig iron. The industry produced 29 million metric tons of pig iron and 88 million tons of steel. Most of the iron and steel in the United States is now made from scrap of those same metals, rather than iron ore. The United States is also a major importer of iron and steel, as well as steel products. Employment in the sector in 2014 was 149,000 people, and 69,000 in foundries. The value of iron and steel produced in 2014 was US$113 billion. In 2015, the major steel companies in the United States included: AK Steel, Carpenter Technology, Commercial Metals Company, Nucor, Steel Dynamics and U.S. Steel.

Petrochemical Industry

Oil refining in the US in 2013 produced 18.9 million barrels per day of refined petroleum products, more than any other country. Although the US was the world's largest net importer of petroleum products refined as recently as 2008, the country became a net exporter in 2010, and as of 2014 it was the largest exporter and the largest net exporter of refined petroleum. As of January 2015, there were 137 operating refineries in the United States., distributed in 30 states.

Most large refineries are near waterways, especially seaports or ports on the Great Lakes. The largest concentration of refineries is along the Gulf Coast. Although there are refineries in 30 states, only three states dominate US refining: Texas (47 refineries), Louisiana (19) and California (18). As of January 2015, these three states contain 45% of all refineries and 59% of all refining capacity in the country.

ExxonMobil Refinery in Baton Rouge

Automotive industry

In 2019, the United States was the second largest vehicle producer in the world (10.8 million).

The automotive industry in the US began in the 1890s and, as a result of the size of the domestic market and the use of mass production, quickly became the largest in the world. However, the country was overtaken as the largest auto producer by Japan in the 1980s, and subsequently by China in 2008. The US is currently the world's second largest automaker by volume, with approximately 8-10 million manufactured annually. Notable exceptions were 5.7 million cars built in 2009 (due to the crisis), and peak production levels of 8-13 million units during the 1970s and early 2000s.

The motor vehicle industry began with hundreds of manufacturers, but by the late 1920s it was dominated by three large companies: General Motors, Ford, and Chrysler, all headquartered in the Detroit metropolitan area. After the Great Depression and World War II, these companies continued to prosper, with the United States producing almost three-quarters of all automobiles in the world in 1950 (8,005,859 of 10,577,426). Beginning in the 1970s, a combination High oil prices and increased competition from foreign car manufacturers severely affected companies. In the following years, companies periodically recovered, but by 2008 the industry was in turmoil due to the aforementioned crisis. As a result, General Motors and Chrysler filed for bankruptcy reorganization and were bailed out with loans and investments from the federal government.

Prior to the 1980s, most manufacturing facilities were owned by the Big Three (GM, Ford, Chrysler) and AMC. Its US market share has steadily declined as numerous foreign-owned auto companies build factories in the US in 2012, meaning a total payroll of about $2.1 billion, compared with Ford's 80,000 American employees who supply its 3,300 dealerships. and Chrysler's 71,100 US employees who supply its 2,328 dealerships.

Energy

Presa Hoover

In non-renewable energy, in 2020, the country was the largest oil producer in the world, extracting 11.3 million barrels/day. In 2019, the country consumed 19.4 million barrels/day. The country was the world's second largest oil importer in 2018 (7.9 million barrels/day). In 2015, the United States was also the world's largest producer of natural gas, 766.2 billion m³ per year. In coal production, the country was the second largest in the world in 2018: 702.3 million tons, only behind China. The United States is also the country with the most atomic power plants in its territory: in 2019 there were 95 power plants, with an installed capacity of 97.1 GW.

In renewable energy, in 2020, the United States was the second largest producer of wind energy in the world, with 117.7 GW of installed capacity; the second largest producer of solar energy in the world, with 75.5 GW of installed capacity (in both, behind only China); and in 2014 it was the fourth largest producer of hydroelectric power in the world (behind China, Brazil and Canada) with an installed capacity of 102 GW.

Tourism

Tourism is a major source of income for the United States. It is estimated that the number of national tourists, that is, tourists from one country who visit another part of that country, is around 1.5 billion annually. The United States is the third most visited country by foreign tourists. They only lose to Spain and France. In 2018, there were 79.6 million international tourists. It is the country that receives the most income from tourism: this year it was 214.4 billion dollars.

Transportation

The United States has a fairly developed transportation network. American railroads are not nationalized, but are owned by private companies (more than 350). The railway network already has 278,245 km, the main routes are transcontinental such as Central Pacific, Northern Pacific and Southern Pacific. The road network is 6,546,799 km long and the number of vehicles that use it is close to 200 million (150 million of them are passenger cars). Rail transport dominates the distribution movement of goods (37.5% of the total in the United States), while highways absorb 82% of passenger traffic. The main ports are those of New York, New Orleans, Boston, Houston, Baton Rouge, Philadelphia, Tampa, Norfolk and Baltimore. The largest lake ports are those of Duluth, Detroit, Chicago, and Cleveland. Air traffic is very intense due to the enormous distances of the country and the great mobility of the American to look for work, coupled with the high living conditions of the country. The main air hubs are Atlanta and Memphis, followed by New York (which has 4 airports), Chicago, Los Angeles, Dallas, Denver, Miami and San Francisco.

A service society

The services sector generates 75% of GDP and employs 68% of the active population. The most important activities are banking, insurance, teaching, research, transport, trade and tourism.

The US banking system is the largest in the world. It is the largest and most complex (there are 12 different types of banking entities), whose regulation is established by the National Bank Act (1864) and completed by the Federal Reserve. The Federal Reserve System exercises the functions of the central bank (currency issue, credit control and monetary policies). There are also 12 other regional Federal Reserve banks with central bank functions within their district. The management of the system is the responsibility of the Board of Governors.

The foreign projection of US banking increased from World War II until it came to dominate more than 50% of the world financial system. The main banks include the following: Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, among others. However, the economic crisis of 2008 forced the State to intervene economically to generate bailouts of the main banks (and companies) in the country, valued at more than 750,000 million dollars.

A deficit balance

Export of machinery from the United States. (NCE:84) Main importing countries in recent years

Source

For the US economy, foreign trade is less important than that of other developed countries. Exports represent 8.5% of GDP (the lowest percentage among the OECD countries as a whole). Metal products and industrial machinery of all kinds, along with agricultural, forestry and mineral products are the main export items, while imports (11% of GDP) are highly diversified, with raw materials and fossil fuels.

Income, credit and banking

The ten largest economies in the world and the European Union 2008, measured in nominal GDP (millions of US dollars), according to the International Monetary Fund.

To this day there is not a country that has surpassed the general economic standards of the United States. The United States' GDP is three times larger than the GDP of the world's third-largest economy, Japan, at $16 trillion, according to the IMF. The median household income in this country in 2008 was approximately $49,500. Upon retirement, most workers receive social security payments plus other compensation from private pension plans, in addition to the benefits of their personal bonuses. However, 9.2% of the population lived below the threshold set by the federal government, which in 2008 was an income of less than $28,500 per year for a family of four. Families with income less than 28,000 receive free health service called Medicaid, in addition to different benefits, such as food for pregnant women, etc.

Credit

Since World War II, the practice of buying goods and services on credit has increased. Major purchases, such as houses, cars, and electrical appliances, are paid for in monthly installments. Many Americans also have credit cards that allow them to buy everything from clothes to airline tickets on credit, and pay after a while based on a single bill sent by the lending company, usually a bank. Normally, the time allowed to pay is one month. Then interest is charged.

Financial system

In 1994, the United States had about 11,060 banks with more than 70,000 offices, of which almost 41,000 belonged to the system operated by the Federal Reserve Board. Through its partner banks, the Federal Reserve issues money, acts as a financial settlement bank, and sets the cash reserves that banks must maintain. By raising and lowering these reserve requirements, and by changing the interest rate for bank loans from the 12 regional Federal Reserve banks, the Federal Reserve Board can regulate the money supply and thereby try to Control the inflation rate of the economy.

Individual savings are typically deposited in interest-bearing accounts at various types of banking institutions, savings and loan associations, and credit unions created by groups of employees. Americans also have the option of placing some of their money in savings securities and treasury certificates issued by the federal government, or in private investment companies that invest the money in the stock market.

Almost all private banks and thrifts carry federally provided insurance to protect individual savings accounts up to $100,000. Most of the money deposited in savings accounts is used by banks to finance the purchase or construction of houses and buildings.

The nature of business

Not all business start-ups dream of huge, multi-million dollar, internationally-selling corporations. There are many who just want to sell goods such as fruits and vegetables, household appliances, clothing, or computers, so they can be "their own bosses." These small businesses are an important part of the economy. Many of them provide necessary goods and services in urban neighborhoods, in small towns, or in rural areas where large companies may not provide adequate service.

In 1993, more than 700,000 such companies started business in the United States. Many large chain stores started with a single store. That's the kind of success that can be found throughout American history.

The Coca-Cola Company, which distributes its soda throughout the world, began when a pharmacist mixed the first Coca-Cola and began selling it in the city of Atlanta, Georgia.

One of the most famous food companies in the United States is the H. J. Heinz Co., which specializes in pickles, mustard, and ketchup. It started when a teenager started selling various grocery items door to door and on the street.

Before a young inventor named George Eastman made his name in the 1880s, cameras were very difficult to use and only an expert could handle them well. The photographs were taken on video sheets and the equipment was very difficult to transport. Eastman invented a new type of film that was flexible and could be placed on a reel. He also made a camera that used his film. Starting in a small office, he founded the already huge Eastman Kodak company and paved the way for the countless photographic companies that exist today.

The jeans that every teenager in the world knows about were invented by a poor cloth salesman who sold the first pairs to miners in California in the 1850s. His company, Levi Strauss, remains one of the world's largest manufacturers. of American clothing.

The many laws and regulations of modern American capitalism have not stopped people with ideas and dreams from starting new businesses. An example from the 1970s is that of two young men who thought they could build a new and better computer. They worked for months on making the machine, and then began to raise money to finance its large-scale production. One of them sold his car to get the necessary capital. In 1977 they opened a company they called Apple Computer Corporation. By the end of 1984, that company was one of the largest computer manufacturers in the United States, with a staff of about 4,500.

It's stories like this that create an image of the United States as a place where a person can rise from rags to riches, and many people have. However, others have failed and still others have not wanted to risk owning their own businesses.

One of the most important changes in recent decades has been the shift from the production of goods to the provision of services as a dominant feature of the US economy. Whereas before most American workers produced real goods, from toothpaste to tires, today they work in the sector of the economy that is defined globally as service provision. Service industries include retail, hotels and restaurants, communications and education, entertainment and recreation, federal and local government, office management, banking and finance, and many other types of industries. job. At the same time, as many traditional manufacturing companies in the United States shrink or grow slowly, new companies are emerging that are creating high-tech cyber, aerospace, or biochemical products and services.

Women's work

In 2016, the United States ranked 17th among OECD countries for the employment rate for women. According to a 2014 US Census Bureau study, female wage earners earn on average 21% less than their male colleagues. The deviation is accentuated when they are black (36% less) or Hispanic (44%). The United States is among the four countries - with Swaziland, Lesotho, and Papua New Guinea - not to guarantee maternity leave.

United States in the international context

The United States went from being an emerging economy to becoming the dominant superpower in all areas of the world, helped in part by the explosion of world wars, immigration, and its clear commitment to capitalism. However, already in the 1920s, its per capita income had exceeded, on average, that of the region now known as the Eurozone. In fact, today, despite its population (it is the third most populous country after China and India), the United States is the 5th country in the world in terms of individual income. In addition, given that its birth rate is not excessively low (as a result of immigration) and its economic growth remains strong, the outlook based on data from the World Bank and the World Economic Forum:

Foreign trade

Imports

The merchandise with the greatest weight in imports from the United States for the period 2010-until July 2015 is presented below. The figures are expressed in US dollars, FOB value.

Imports of the United States of the period 2010-up to August 2015 expressed in USD value FOB. Source

In 2016 the United States imported $2.12 trillion, making it the largest importer in the world. Over the last five years, imports into the United States have decreased at an annualized rate of -0.2%, from $2.06 trillion in 2011 to $2.12 trillion in 2016. The most recent imports are led by Cars, which represents the 8.17% of the total imports of the United States, followed by Crude Oil, which represents 4.69%.

Exports

The main trading partners of the United States for the period 2010-until July 2015 are presented below. Most of its importers are concentrated in Asia, America and Europe. The figures expressed are in US dollars FOB value.

United States exports from 2010 to August 2015 expressed in USD value FOB. Source

In 2016 the United States exported $1.32 trillion, making it the 2nd largest exporter in the world. During the last five years, exports from the United States have decreased at an annualized rate of -0.8%, from $1.34 trillion in 2011 to $1.32 trillion in 2016. The most recent exports are led by the export of Aircraft, helicopters, and/or spacecraft, which account for 4.47% of total US exports, followed by Refined Petroleum, which account for 4.33%.

History

Between 1830 and the end of World War II, US customs duties were among the highest in the world. In addition, the country already enjoyed a high degree of "natural" protection due to the cost of transportation until the 1870s. American industry was the most protected in the world until 1945.

Comparison of nominal per capita GDP in Germany, France, United Kingdom and United Statesduring the centuryXX., based on World Population, GDP and Per Cápita GDP, 1-2010 AD.

Since the first quarter of the XX century (approximately 1925), nominal per capita income in the United States exceeded that of Great Britain and the other European countries. In the most recent period, the years 1940-1975 were characterized by rapid growth in GDP and per capita income that affected all income levels fairly equally. From 1980 to 2000, there has been a notable increase in the income of the richest 20%, while the situation of the poorest 20% has ostensibly deteriorated, a fact that has been widely discussed by economists such as Paul Krugman.

In the 1980s, the monetary policy of the Reagan administration resulted in a sharp rise in interest rates in the United States and the dollar was revalued by 50%. This policy generates an explosion of debt in Latin American countries, which generally use the dollar to repay the amounts owed. In France, President François Mitterrand also laments this policy: "The United States makes us pay for its unemployment and its deficit. We are the ones who allow Reagan to continue with a policy that crushes us.

For 2008, corporate profits fell by $250 billion, and the financial sector decreased its profits to $178 billion. The causes are lower consumer spending during the second half of 2008, and lower international demand for US goods and services.

Retail sales fell 1.1% in March from the previous March. The declines were registered from household appliances to furniture and clothing -retail sales fell 11% compared to March of last year-. This is because consumers, who account for 70% of economic activity in the United States, are being cautious in their spending as they are affected by the weak labor market and the sharp decline in real estate.