The United States of America is a dream destination for millions of travelers around the globe and home to more than 328 million people of different nationalities with various cultural backgrounds. It seems like positivity and a welcoming attitude are in Americans’ D.N.A., so what once may have seemed like only a dream destination can instantly feel like home as soon as you arrive.
Opportunities here are unparalleled compared to other countries, and those who are hard-working and determined are way more likely to achieve their goals than in any other part of the world. So it’s no wonder millions of foreigners arrive in the U.S. each year to achieve their American dream and live a better life.
The United States of America, the United States (the U.S.A. or the U.S.) or America, comprises 50 states, a federal district, five major unincorporated territories, 326 Indian reservations, and some minor possessions. The U.S. is almost big as Europe, comprising 44 countries. The United States is the third- or fourth-largest nation by total area globally, ranking behind Russia and Canada and nearly equal to China.
Situated in North America, the United States borders the Atlantic and the Pacific Oceans on the east and west coasts. As well, it shares land borders with Canada and Mexico from the north and south, respectively.
The diverse landscape in the U.S. varies from tropical beaches in many states including, South Carolina, Georgia, Florida, California, and Oregon, to peaks in the Rocky Mountains and wilderness areas in the northwest and northeast, such as Ansel Adams Wilderness, Mount Rose, Desolation Wilderness, Maroon Bells, Mount Evans, Alpine Lakes, and more.
The United States is the third most populated and one of the most culturally diverse countries worldwide.
The top 10 most populated U.S. cities are:
New York, NY
Los Angeles, CA
San Antonio, TX
San Diego, CA
The U.S. Economy
The robust economy of the United States leaves almost any country in the world behind.
American companies are at the forefront of technological advancements, especially in computer and artificial intelligence. In the first three months of 2021, Apple, Alphabet, Amazon, Facebook, and Microsoft collectively had a revenue of $322 billion. Employment in computers and I.T. is expected to increase 11% from 2019 to 2029. It is growing faster than the average for all occupations in the country.
Although tech titans play a massive role in the U.S. economy, the primary economic sector remains the service industry contributing almost 67% towards the country’s G.D.P. The service industry is a giant, made up of other industries, including but not limited to: information, retail, scientific, technical, and professional services. Wholesale and retail trade form the leading business areas in service, employing 6,493,814 people with 4% market size growth in 2021.
Retail makes up 5.5% of the nation’s G.D.P. and accounts for 9.6% of total employment in the U.S., per the National Retail Federation (N.R.F.). The sector includes eCommerce giants such as Amazon (AMZN) and eBay (EBAY), as well as brick-and-mortar establishments.
The housing sector plays a vital role in the U.S. economy. Its impact first became evident during the 2008 recession, when a nationwide decline in home prices set off America’s worst economic recession in the century. Real estate, renting, and leasing accounts for 13.3% of the national G.D.P. The sector contributes to the U.S. economy in two ways: the first is through consumer spending for rent and household utilities. The other way is through residential investment encompassing new housing units, broker fees, and residential remodeling. The housing sector employs over 1.9 million people working in the real estate, renting, and leasing industries.
The health sector is another crucial component of the U.S. economy that helped the nation recover from the 2008 financial crisis. Between 2008-2018 the industry has increased jobs by 20%, while the average rate for the economy was at 3%. The Bureau of Labor Statistics predicts healthcare jobs to grow by 18% annually from 2016 to 2026. Health sector spending accounts for 17.7% of national G.D.P.
As all industries in the U.S. economy continue to grow, the demand for new buildings, structures, and roads keeps increasing. As a result, residential and nonresidential builders, contractors, and civil engineers are increasingly in demand. Construction plays a considerable role in developing the U.S. economy. Occupations in the sector are expected to grow by 4% from 2019 to 2029.
The U.S. dollar is the most used currency for international transactions and is the official currency for several countries, including Ecuador and Zimbabwe.
Although the pandemic negatively affected economies worldwide, Forecasters, such as the I.M.F. have already assumed that US GDP is likely to rise above the level expected before the pandemic. Most probably, the U.S. economy will outperform pre-pandemic assumptions.
eCommerce plays a vital role in the U.S. economy, and its revenue equaled 431.6 billion U.S. dollars in 2020. The Statista Digital Market Outlook estimates that by 2025, revenue will rise to 563.4 billion dollars. In the first quarter of 2021, the share of eCommerce in total U.S. retail sales was 13.6 percent, up from 11.4 percent from the corresponding quarter in the previous year.
Leading U.S. retail eCommerce companies are Amazon, with a market share of 38.7%, Walmart 5.3%, and eBay 4.7%.
Millennials aged 25 to 34 years make up the largest group of digital buyers in the United States. As of February 2020, this demographic group accounted for 20.2 percent of digital buyers in the country. Conversely, 35 to 44-year-olds formed the second-largest online buyer audience, accounting for 17.2 percent of U.S. digital buyers.
More than 255 million American consumers shop online, and some of the most popular eCommerce categories include:
- Computers and consumer electronics
- Apparel and accessories
- Furniture and home furnishings
- Health, personal care, and beauty
- Pet Products
- Cosmetics and beauty
- Toys and hobby
Per data from the U.S. Department of Commerce, eCommerce sales have drastically increased since the start of the decade. In just nine years, annual U.S. eCommerce sales multiplied by almost four times. Today there are 2.1 million online retailers that operate in the U.S., and the number of eCommerce stores and online shoppers is expected to grow. In 2021, there will be over 230 million U.S. digital buyers—a 1.32 percent increase from 2020. U.S. digital buyers are expected to generate $469.2 billion in the U.S. economy.