This Is the Largest Industry in Georgia

Pick any two cities or towns in the United States, and each will be home to people who work in very similar fields. Certain occupations in areas like education, sanitation, law enforcement, health care, and retail are common across the country as they are practical necessities.

Still, the occupational makeup of different parts of the country varies in other important ways that are influenced by the regions’ history, geography, natural resources, local laws, and demographics. These factors can have considerable economic implications and lay the foundation of a given area’s industry composition.

In Georgia, monetary authorities- central bank, credit intermediation, and related services is the largest industry, accounting for 5.2% of the state’s total GDP of $625.7 billion. The industry’s annual economic output totals $32.3 billion, a 28.6% increase over the last five years.

Overall employment in the industry totals about 7,600, or 0.2% of all jobs in Georgia. Among these workers, the average annual compensation is $90,592, compared to the average of $55,263 across all occupations in the state.

All data in this story on employment and output is from the Bureau of Economic Analysis and is for 2019, the most recent year for which data is available. Data on wages is from the Bureau of Labor Statistics. With only a few exceptions, the largest industry in each state is real estate. As a result, we did not include the real estate sector in our analysis. We also excluded all government sectors.

Largest industryGDP of largest industry, ($, billions)Largest industry GDP as share of all industries (%)Employment in largest industryAverage annual compensation in largest industry ($)
Alabama: Ambulatory health care services10.44.5100,03164,553
Alaska: Pipeline transportation4.88.9N/AN/A
Arizona: Ambulatory health care services17.04.6172,43363,809
Arkansas: Ambulatory health care services5.84.459,79664,186
California: Computer and electronic product manufacturing110.33.5281,023185,714
Colorado: Ambulatory health care services14.03.6139,99663,608
Connecticut: Insurance23.08.061,923138,398
Delaware: Monetary authorities13.617.67,29198,802
Florida: Ambulatory health care services51.44.6521,56864,552
Georgia: Monetary authorities32.35.27,56490,592
Hawaii: Accommodation6.26.542,79352,973
Idaho: Farms3.64.319,60837,642
Illinois: Insurance45.75.2139,61199,628
Indiana: Chemical manufacturing23.36.131,565120,876
Iowa: Insurance18.59.552,04684,186
Kansas: Rental and leasing services and lessors of nonfinancial intangible assets6.73.83,83554,411
Kentucky: Motor vehicles, bodies and trailers, and parts manufacturing9.34.361,43166,973
Louisiana: Petroleum and coal products manufacturing20.88.111,379136,816
Maine: Hospitals3.34.833,55964,486
Maryland: Ambulatory health care services15.83.7150,60966,638
Massachusetts: Hospitals22.13.7198,54676,723
Michigan: Motor vehicles, bodies and trailers, and parts manufacturing40.97.6181,24782,813
Minnesota: Ambulatory health care services17.04.4156,05076,583
Mississippi: Ambulatory health care services5.14.451,53559,647
Missouri: Ambulatory health care services12.33.7120,333N/A
Montana: Hospitals2.54.725,58365,511
Nebraska: Insurance11.18.630,13772,765
Nevada: Accommodation17.19.6189,49941,794
New Hampshire: Insurance4.34.913,59992,107
New Jersey: Ambulatory health care services27.24.3244,62564,942
New Mexico: Oil and gas extraction7.57.24,372117,205
New York: Monetary authorities174.19.897,155160,912
North Carolina: Monetary authorities34.95.99,664108,240
North Dakota: Support activities for mining3.45.916,486104,549
Ohio: Monetary authorities32.14.632,14072,365
Oklahoma: Oil and gas extraction17.78.716,279145,703
Oregon: Computer and electronic product manufacturing16.16.338,576136,636
Pennsylvania: Broadcasting and telecommunications37.24.635,03396,788
Rhode Island: Insurance3.25.210,61286,263
South Carolina: Administrative and support and waste management and remediation services9.94.0171,19335,086
South Dakota: Monetary authorities8.215.053,79165,539
Tennessee: Ambulatory health care services18.24.8155,99566,230
Texas: Oil and gas extraction111.66.176,049207,903
Utah: Monetary authorities11.15.84,17171,347
Vermont: Ambulatory health care services1.64.817,27160,521
Virginia: Computer systems design and related services28.65.1N/A125,773
Washington: Publishing industries54.08.874,919246,039
West Virginia: Mining4.35.414,25887,510
Wisconsin: Insurance18.95.471,70978,377
Wyoming: Mining3.79.27,83595,068

by: Samuel Stebbins, 24/7 Wall St. via The Center Square

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