America’s Economic Engines: The Biggest Industry in Every State

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July 28, 2025

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Jenna Ross

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• Jennifer West

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The following content is sponsored by Terzo

The Biggest Industry in Every State, Mapped

Key Takeaways

• Real estate is the biggest industry in 26 states, including most coastal states.
• Manufacturing accounts for the largest share of GDP in 13 states, concentrated in the Midwest and the South.
• Finance and insurance plays the largest economic role in just four states.

Ever wondered what fuels each state’s economy? In most cases, the biggest industry is either real estate or manufacturing.

This Markets in a Minute graphic, in partnership with Terzo, highlights the industry contributing the most to GDP in every state.

The Biggest Industry Ranking

Real estate powers the economy in over half of states. This is largely because the Bureau of Economic Analysis treats homeowners as landlords renting to themselves, and includes the rental value in GDP. If economists did not include this value, a jump in the homeownership rate would cause GDP to drop. 

On top of this, the real estate industry includes rent paid by renters, property taxes, construction, remodeling, and brokers’ fees.

Source: U.S. Bureau of Economic Analysis. Data for the 2024 calendar year. Some industry names have been shortened including real estate and rental and leasing; mining, quarrying, and oil and gas extraction; federal civilian and state and local government; and professional, scientific, and technical services.

In second place, manufacturing is the biggest industry in 13 states. Its prominence is heavily concentrated in the Midwest and the South thanks to the long history of the sector in some states, large plots of available land, and government support.

Rare Economic Leaders

Outside of real estate and manufacturing, some industries are the top GDP driver in a much smaller number of states.

For instance, finance and insurance is the biggest industry in New York, Delaware, Nebraska, and South Dakota. Over half of publicly-traded U.S. companies incorporate in Delaware thanks to balanced and flexible corporate laws, a business-friendly environment, and a respected legal community. In South Dakota, financial services are drawn to the state’s business-friendly taxes and trust laws that can shield families from inheritance taxes indefinitely. 

Mining and oil and gas creates the biggest economic output in three states. North Dakota is the third-largest crude oil producer in the country, while Wyoming and West Virginia are America’s top two coal producers.

The government is the biggest GDP driver in D.C. and Oklahoma. Lastly, professional and technical services (Massachusetts), information (Washington), and transportation and warehousing (Alaska) were the top industry in one state each.

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