Understanding the breakdown of national gross domestic product (GDP) by industry shows where commercial activity is robust and how diverse the economy really is.

Here’s what U.S. GDP for 2023 looks like when broken down by industry. According to data from the Bureau of Economic Analysis, in the first quarter of 2023, the annualized GDP of the U.S. was $26.5 trillion. Of this, 88% was derived from private industries. The remaining came from government spending at the federal, state, and local levels.

Service-based industries, such as professional and business services, real estate, finance, and health care, provided the bulk of U.S. GDP at 70%. Professional and business services is the largest industry with $3.5 trillion in value added. Over the next decade, services-producing industries are projected to see the fastest growth in output.

The five fastest-growing industries in the U.S. from 2022-2032, based on data from the Bureau of Labor Statistics, are software publishers at 5.2%, computing infrastructure providers at 3.9%, wireless telecommunications carriers (excluding satellite) at 3.6%, home health care services at 3.6% as well, and oil and gas extraction at 3.5%.

Sherman Analytics provided content for this article.

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