The Financial Services Industry in the United States | Select USA
Published: September 09 2014
Financial markets in the United States are the largest and most liquid in the world. In 2012, finance and insurance represented 7.9 percent (or $1.24 trillion) of U.S. gross domestic product. Leadership in this large, high-growth sector translates into substantial economic activity and direct and indirect job creation in the United States.
Financial services and products help facilitate and finance the export of U.S. manufactured goods and agricultural products. In 2011, the United States exported $92.5 billion in financial services and had a $23.0 billion surplus in financial services and insurance trade (excluding re-insurance, the financial services and insurance sectors had a surplus of $59.5 billion.) The financial services and insurance sectors employed 5.87 million people in 2012. The securities subsector of the industry shows great potential for employment growth, with a 12 percent increase expected by 2018. According to the U.S. Department of Labor, 818,000 people were employed in the securities and investment sector at the end of 2012.