Market Research in the United States
The United States is the world’s largest economy, constituting around a quarter of Global GDP.
Efficient and dynamic, the US market presents significant opportunities for companies. Changes in the US economy have significant impact around the world. These effects are due to the interconnectedness of markets and the sheer size of the American economy. The US consistently ranks among the top 5 of the world’s most competitive economies in which to run a business. The global economy is essential for the US as well. Multinational corporations account for much of the financial flows and cross-border trade. These corporations also create much employment, output, and stock market capitalization.
Major Cities and Economic Centers
These are the US cities to keep an eye on in the coming years:
- New York City: NYC is a global center of finance, fashion, media, and technology. The city also scores high in political engagement, business activity and human capital.
- San Francisco: The world’s technology capital, San Francisco, tops the list owing to its strength in innovation. Situated north of the tech hub in Silicon Valley, the city is best positioned to attract and keep people. Apart from skilled workers, it will also attract global capital and ideas in the coming years.
- Boston: This old city is a longstanding hub of biotech. It is home to some of the world’s best universities, including MIT and Harvard.
- Some major economic hotspots by region include:
- Southeast: Atlanta, Miami, Fort Lauderdale, West Palm Beach, Tampa, Sarasota and Charlotte
- Southwest: Dallas, San Antonio, Houston and Austin
- Mid West: Chicago, Cincinnati, Columbus and Milwaukee
- Mid Atlantic: Washington DC, Baltimore and Philadelphia
- West: Los Angeles, Denver, Colorado Springs, Seattle, Phoenix, Las Vegas and Portland
- Consumer Goods: The United States is the largest consumer market in the world.
- Real Estate, Renting, and Leasing: This sector contributes to the economy in two ways. The first is via consumer spending on rent and utilities. The other is through residential investment. This encompasses the construction of new housing units, residential remodeling, and broker fees.
- Professional and Business Services: This includes computer design and the legal field. It also includes other professional, technical, and scientific services.
- Healthcare: The Healthcare sector helped the United States to recover from the financial crisis in 2008. One of the things fueling the growth of this sector is the increasing and aging population in the US. Other factors include the increase in chronic conditions, medical advances, and improvements. Federal health care reform has also fueled the growth of the sector. The changes have increased the number of people seeking routine care.
- Construction: Market analysts expect this sector to show a steady increase in jobs over the next ten years. Many jobs gains are in Facility Management and General Management.
- Mining Support Services: This category showed phenomenal growth over the last year or so. “Mining” can include anything from prospecting to drilling. Market analysts believe that its growth arises from high demand and inadequate supply.
- Technology: major technology hubs and American tech corporations have emerged in Silicon Valley in the San Francisco Bay Area, as well as in Silicon Alley in New York City.
- Media: the US has major movie production, filming, theater, TV and digital media centers located in Los Angeles and New York.
- Energy: The US is becoming a net exporter of energy, and currently consumes the most energy in the world.
The US is the world’s leading military and economic power. US movies, music, and television are ubiquitous. The media industry has a global audience, and the cultural stamp of the country spans the world. The US is home to diverse races and cultures, a fact reflected in its art, literature, and music.
Advantages of Investing in the United States
- Rule of Law. The United States government protects individual property rights. It enforces contracts in a fair manner. It creates and enforces fair labor laws, and promotes access to opportunity for all.
- Large Market. A large market gives businesses the potential to amass a vast customer base. Companies that reach out to more total customers make more sales.
- English Speaking Population. English is the lingua Franca of global business. Good English is a critical tool. It can help business owners tap into new opportunities at home and abroad.
- Education. The majority of the US population attends and graduates from schools. This enables the US to see faster economic growth.