North America is the continent with the highest industrial development across the globe because of its abundant natural resources. The continent’s abundant natural resources met businesses’ demands, which cleared the door for industrial growth. Canada, the United States of America, and Mexico make up the three main nations that make up the continent of North America. These nations together comprise one of the world’s greatest economic zones. As a result, several sectors serve as major economic generators. Several of the top industries in North America will be examined in this article.
The North American economy depends heavily on the industrial sector. Automobiles, textiles, electronics, and other products like machinery are all produced by this sector of the economy. In Canada, manufacturing accounts for nearly 10% of all employment, making it the biggest employer there. Manufacturing generates more than $2.4 trillion in economic output yearly in the US, while it provides approximately 17% of the GDP in Mexico.
Another important sector in North America is technology. Technology-related items including software, computers, and telecommunications gear are produced and sold by this industry. Almost 12.1 million people were hired by the technology sector in the United States in 2021, which brought in over $2.4 trillion in revenue.
This region’s economy is significantly influenced by the healthcare sector. In Canada, the healthcare sector supports approximately 2 million jobs and accounts for close to 10% of the GDP. The healthcare sector in the US employs more than 16 million persons and generates more than $3.8 trillion in economic output yearly. Mexico also has a sizable healthcare sector, and in recent years, the government has made considerable investments in this industry’s infrastructure.
The economy also depends heavily on oil. Production and distribution of energy sources including oil, gas, and renewable energy sources are handled by this industry. The energy sector provides over 10 million jobs in the US and adds over $1.2 trillion to the economy each year. This area has seen tremendous expansion in recent years both in Canada, where it accounts for the biggest share of GDP, and in Mexico.
An important part of the continent’s economy, particularly in Canada and the US, is the agricultural sector. Food and agricultural items including crops, animals, and forestry goods are produced and distributed by this business. Almost 2 million persons are employed by the agricultural sector in Canada, which makes over $100 billion in economic contributions each year. Almost 2 million people are hired by the agricultural sector in the US, which generates over $130 billion in economic output each year.
Financial services significantly contribute to the North American economy. Financial services including banking, insurance, and investment services are provided by this sector. The financial services in the US employ more than 7 million persons and generate over $1.5 trillion in economic output yearly. With a GDP contribution of over 7%, the financial services sector is very prominent in Canada.
The economy also depends heavily on the transportation sector. This industry is in charge of moving people and products by land, water, and different air and maritime transportation methods. Around 5 million persons are employed by the transportation sector in the United States, which generates over $1 trillion in economic output each year. The industry is extremely important in Canada, where it generates over $30 billion in economic output yearly and employs over 1 million people.
Infrastructure such as roads, buildings, bridges, and other structures must be constructed and maintained by this industry. Almost 7 million persons are hired in this business in the United States, which generates over $1.3 trillion in economic output each year. Construction employs more than 1.3 million people in Canada and contributes over $140 billion to the nation’s economy each year.
This sector is in charge of offering local and foreign tourists travel, lodging, and other associated services. Almost 16 million persons are employed by the tourist sector in the United States, which generates an annual economic contribution of approximately $2.6 trillion. Almost 1.8 million people are hired by the tourist sector in Canada, which makes approximately $102 billion in economic contributions every year.
This industry is in charge of providing elementary, secondary, and post-secondary education services. Almost 14 million persons are employed by the education sector in the United States, which makes an annual economic contribution of over $1.5 trillion. The education sector is a large one in Canada as well, employing more than 1.7 million people and generating an annual economic contribution of over $75 billion.
Entertainment items including movies, TV programs, and music are produced and distributed by this industry. Almost 2 million persons are employed by the entertainment sector in the US, which has an annual economic impact of approximately $700 billion.