The Most Profitable Industry in Every U.S. State

via visualcapitalist:

The Most Profitable Industry in Every U.S. State

A glance the leading industries in the U.S. reveals a few surprises – and less diversity than you might think.

Today’s graphic from HowMuch.net uses data from GO Banking Rates and the U.S. Census Bureau to map out the most profitable industry in each U.S. State.

A UNIQUE STATE IDENTITY

While each U.S. state is unique in its cultural identity, the lay of the land determines which industries will thrive. Where some regions are ideal for agriculture, others have built a strong foundation of industry and research, and still others have established themselves as tourism hubs.

Whatever industry has staked its claim in your particular state, it has a direct link to your state exports and local economy.

It’s important to note that the most profitable industry is not necessarily the biggest industry in each state. The following figures are based on the value of top-selling industry products in 2017, using Harmonized System (HS) codes and U.S. Census Bureau data.

Rounding out the top five:

  1. Texas – Abundant oil supply helped the Lone Star State bring in more than $73 billion from mineral products last year.
  2. Washington – Despite a 9% drop from the previous year, aerospace still pulled in $42 billion for Washington state in 2017.
  3. California – Machinery and mechanical appliances lead the Golden State, to the tune of $27 billion.
  4. New York – Diamonds are New York’s best friend, where the precious metals and stones industry earned more than $25 billion in export sales.
  5. Louisiana – It’s proximity to the Gulf of Mexico makes Louisiana a hub for mineral products, particularly oil. The industry raked in more than $23 billion in exports last year.

DIVERSIFY AND CONQUER

While some of these designations are nearly automatic – like fishing in Maine and Alaska – others are more surprising. Most surprising of all is the variety, or lack thereof: 50 states share a mere 11 major industries. When those industries are touched by market volatility or trade disruptions, it can prompt a ripple effect across several state economies.

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Here’s a detailed breakdown of each state’s major industry, and the value of top-selling products last year:

State Most Profitable Industry Value of industry’s top-selling products (2017)
Alabama Automotive $8 billion
Alaska Fishing $2.359 billion
Arizona Machinery and Mechanical Appliances $4.27 billion
Arkansas Aerospace $1.5 billion
California Machinery and Mechanical Appliances $27 billion
Colorado Meat $1 billion
Connecticut Aerospace $5.627 billion
Delaware Automotive $858 million
Florida Machinery and Mechanical Appliances $7.576 billion
Georgia Aerospace $6.694 billion
Hawaii Aerospace $370 million
Idaho Machinery and Mechanical Appliances $1.309 billion
Illinois Machinery and Mechanical Appliances $5.7 billion
Indiana Automotive $7.526 billion
Iowa Meat $1.324 billion
Kansas Aerospace $2.565 billion
Kentucky Aerospace $11.649 billion
Louisiana Mineral Products $23 billion
Maine Fishing $431 million
Maryland Aerospace $814 million
Massachusetts Precision Instruments $3.2 billion
Michigan Automotive $22.735 billion
Minnesota Precision Instruments $2.417 billion
Mississippi Mineral Products $3.076 billion
Missouri Automotive $2.234 billion
Montana Mineral Products $256 million
Nebraska Meat $1.52 billion
Nevada Accommodation and Food Services $20 billion
New Hampshire Machinery and Mechanical Appliances $1.685 billion
New Jersey Precious Metals, Stones, etc. $2.624 billion
New Mexico Machinery and Mechanical Appliances $1.835 billion
New York Precious Metals, Stones, etc. $25 billion
North Carolina Medical $3.698 billion
North Dakota Mineral Products $1.814 billion
Ohio Automotive $6 billion
Oklahoma Machinery and Mechanical Appliances $1.1 billion
Oregon Machinery and Mechanical Appliances $10.125 billion
Pennsylvania Mineral Products $3.672 billion
Rhode Island Precious Metals, Stones, etc. $670 million
South Carolina Automotive $10.107 billion
South Dakota Meat $223 million
Tennessee Precision Instruments $3.425 billion
Texas Mineral Products $73 billion
Utah Precious Metals, Stones, etc. $3.714 billion
Vermont Machinery and Mechanical Appliances $1.6 billion
Virginia Machinery and Mechanical Appliances $1.5 billion
Washington Aerospace $42.163 billion
West Virginia Mineral Products $3.261 billion
Wisconsin Machinery and Mechanical Appliances $1.538 billion
Wyoming Chemicals and Allied Industries $1.25 billion