Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Sectors by Revenue in the US in 2023
The 10 Fastest Growing Sectors by Revenue in the US
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1. Accommodation and Food Services in the US
Revenue Growth for 2023: 19.3%
Revenue and Gross Product: In 2004 the Accommodation and Food Services sector generated revenue of $503.0 billion, representing an increase of 1.2 percent compared 2003. Throughout the year this sector generated gross product of $295.0 billion, representing an increase of 1.8 percent compared to 2003. This sector accounted for 2.6 percent of total US GDP in 2004. Enterprises and Establishments: In 2004, this sector comprised 701,000 enterprises, representing an increase 2.0 percent compared to 2003. These enterprises were further segmented into 446,000 employing enterprises (i.e., operators who employ staff to work in outlets) and 255,000 nonemploying... Learn More
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2. Arts, Entertainment and Recreation in the US
Revenue Growth for 2023: 16.2%
The Arts, Entertainment and Recreation sector comprises nine different subsectors of the US economy, from performing arts companies to gambling industries. The enterprises and organizations within this sector operate establishments or provide services to satisfy the diverse recreational, cultural and entertainment needs of US consumers and foreign visitors. Since the experiences provided by operators in this sector are considered nonessential, revenue is highly dependent upon available levels of discretionary spending and leisure time. Over the five years to 2018, the sector was positively affected by strong growth in per capita disposable income, propelling sector revenue to expand at an annualized... Learn More
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3. Retail Trade in the US
Revenue Growth for 2023: 7.0%
Revenue and Gross Product: In 2004, this Retail Trade sector generated revenue of $3605.7 billion, representing an increase of 4.6 percent compared to 2003. The top three subsectors were motor vehicle and parts dealers followed by food and beverage stores and general merchandise stores. In 2004, this sector generated gross product of $1060.0 billion, representing an increase of 2.3 percent compared to 2003. This sector accounted for 9.0 percent of total US GDP in 2004. Enterprises & Establishments: In 2004, enterprise numbers for this sector reached an estimated 2.6 million representing an increase of 1.2 percent. IBISWorld estimates... Learn More
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4. Wholesale Trade in the US
Revenue Growth for 2023: 5.8%
Revenue and Gross Product: In 2004, the Wholesale Trade sector generated revenue of $4780.3 billion, representing an increase of 2.2 percent compared to 2003. The durable goods subsector (i.e., motor vehicles, furniture, construction materials, machinery and equipment, etc) is estimated to have accounted for almost 50 percent of sector sales with the balance being contributed through the sale of nondurable goods (i.e. paper, chemicals, textiles, apparel, footwear, etc), around 40.0 percent and through whole trade agents, brokers and electronic markets, about 10.0 percent. In 2004, this sector generated an estimated gross product of $672.0 billion, representing an increase... Learn More
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5. Information in the US
Revenue Growth for 2023: 5.6%
Revenue and Gross product: In 2004, the Information sector generated revenue of $912.7 billion, representing an increase of 1.8 percent compared to 2003. Throughout the year, this sector is estimated to have generated gross product of $312.0 billion, representing an increase of 1.5 percent compared to 2003. This sector accounted for 2.8 percent of total US GDP in 2004. Enterprises and Establishments: In 2004, this sector comprised an estimated 313,400 enterprises. This may be further segmented into around 78,400 employing enterprises (i.e., operators which hire the services of employees to assist with the daily running of a business)... Learn More
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6. Healthcare and Social Assistance in the US
Revenue Growth for 2023: 5.2%
Revenue and Gross Product: IBISWorld estimates that this sector generated revenue of $1418.0 billion, representing an increase of 4.6 percent compared to 2003. The majority of revenue for the year was derived by the Ambulatory heath care services (42.3 percent), followed by the hospitals (40.1 percent), nursing and residential care facilities (9.9 percent) and social assistance (7.7 percent). During the year, gross product reached $810.0 billion, up 4.8 percent compared to 2003. This sector accounted for 6.9 percent of total US GDP. Enterprises and Establishments: In 2004, this sector comprised an estimated 2.7 million enterprises. ... Learn More
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7. Educational Services in the US
Revenue Growth for 2023: 4.9%
Revenue and Gross Product: In 2004, the Educational Services sector generated revenue of $890.0 billion, representing an increase of 3.3 percent compared to 2003. During the year, this sector is estimated to have generated gross product of $490.0 billion, representing an increase of 1.5 percent compared to 2003. Enterprises and Establishments: This sector is estimated to have comprised around 434,000 enterprises during the year, up by 2.7 percent compared to 2003. Overall, these enterprises controlled an estimated 632,021 establishments in 2004, up by 3.0 percent compared to 2003. Employment and Wages: A total of 4.5 million were employed... Learn More
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8. Professional, Scientific and Technical Services in the US
Revenue Growth for 2023: 4.4%
Revenue and Gross Product: In 2004 the Professional, Scientific and Technical Services sector generated revenue of $1035.6 billion, representing an increase of 2.9 percent compared to 2003. During the year this sector generated gross product of $778.0 billion, representing an increase of 2.5 percent compared to 2003. This sector accounted for 6.8 percent of total US GDP. Enterprises and Establishments: During 2004 this sector comprised 3.3 billion enterprises, up 2.8 percent compared to 2003. Around 2.6 billion of these enterprises were regarded as nonemploying (i.e., self-employed individuals and partnerships) with the remaining 728,000 regarded as... Learn More
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9. Finance and Insurance in the US
Revenue Growth for 2023: 4.4%
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10. Utilities in the US
Revenue Growth for 2023: 3.4%
Operators in the Utilities sector in the United States engage in various utility services, including electric power generation and transmission, natural gas distribution, steam supply, water supply and sewage removal. While many of these industries are markedly different and, in some cases, perform countervailing functions, the Utilities sector as a whole is dominated by the performance of the Electric Power Generation (IBISWorld reports 22111a-e) and Electric Power Transmission industries (22112). In 2018, these industries are expected to generate 65.7% of overall sector revenue. Additionally, the Natural Gas Distribution industry (22121) is expected to generate 19.6% of revenue for the Utilities... Learn More
More Industry Trends
Biggest Industries by Employment in the US in 2023
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Employment in the US in 2023
VIEW ARTICLEBiggest Industries By Revenue in the US in 2023
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries By Revenue in the US in 2023
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