Special Report

Largest Industry in Each State

6. Colorado
> Largest industry:
Broadcasting and telecommunications
> Industry GDP: $13.8 billion
> Industry GDP as pct. of total: 5.2%
> Industry private workforce: 33,945

Broadcasting is the largest private industry in Colorado, contributing nearly $14 billion to the state’s 2013 total GDP of $267 billion. Though broadcasting makes up more than 5% of Colorado’s economy, it employs less than 2% of the state’s non-government workforce. DISH Network, which is headquartered about half an hour outside of Denver, reported revenue in excess of $14.6 billion in its fiscal 2014.

7. Connecticut
> Largest industry:
Insurance carriers and related activities
> Industry GDP: $17.3 billion
> Industry GDP as pct. of total: 7.5%
> Industry private workforce: 58,184

The insurance industry is the largest in six states. In Connecticut, insurance companies and related activities contribute roughly $17.3 billion, or 7.5% of the state’s GDP, the largest share of the six states. The industry also employ 58,184 private employees, or 4.1% of the state’s private workforce, also the largest such share among the six states. One of the largest insurance carriers in the state, Aetna, had revenue of $55.1 billion in 2014. The health insurance company is based in Connecticut’s capital city, Hartford, which is nicknamed “the insurance capital of the world.”

8. Delaware
> Largest industry:
Federal Reserve banks, credit intermediation, and related services
> Industry GDP: $7.9 billion
> Industry GDP as pct. of total: 14.1%
> Industry private workforce: 25,977

Delaware’s financial services sector contributes the most to the state’s GDP. What’s more, workers within the industry are also among the highest-paid employees — not only in the state, but also in the country. The average annual wage of a financial manager in the state, for example, is $156,640, versus the comparable nationwide salary of $130,230.

9. Florida
> Largest industry:
Ambulatory health care services
> Industry GDP: $35.5 billion
> Industry GDP as pct. of total: 4.7%
> Industry private workforce: 421,019

Only three states have a larger GDP than Florida. In 2013, the ambulatory health care services industry contributed more than $35.5 billion to the state’s $749.3 billion total GDP. The industry, which includes diagnostic laboratories, dentist offices, outpatient care centers, and other outpatient services, is the largest in the state. Nearly 19% of Florida’s population is 65 and older, the highest proportion in the nation. This could partially explain the ambulatory health care services industry’s large size, as older individuals tend to require more medical attention.

10. Georgia
> Largest industry:
Federal Reserve banks, credit intermediation, and related services
> Industry GDP: $18.4 billion
> Industry GDP as pct. of total: 4.3%
> Industry private workforce: 72,990

Georgia’s credit intermediation subsector generates approximately $18.4 billion, or 4.3% of the state’s total GDP, more than any other industry in the state. The industry’s activities include lending funds raised from depositors and from credit market borrowing, and facilitating mortgage and other loan brokering. Of the six states where banking is the largest industry, Georgia’s banking sector contributed the least as a percentage of the state’s economy.

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