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Business Services

August 28, 2016 Facebook Twitter LinkedIn Google+ Latest News,Entering New Markets,Marketing Your Company,Export Marketing

Business Services International

Business services have replaced manufacturing as the most integral facet of the US economy.

In the 40-year period between 1967 and 2007 manufacturing’s declining importance to the US economy was matched by the rise of business services – a category taken to encompass a number of professional functions, including finance, management and consulting.

By 2007, business services accounted for 26% of all value added in the US economy, up from 12% in 1967. In the same timeframe, the equivalent figure for manufacturing fell from 31% to 16%.

As with the role of manufacturing, the declining importance of spending on goods is matched by the rise in spending on services, including business services, healthcare and education. Services accounted for 26% of the US’s total consumption in 1947, rising to 54% in 2007.

Even in the goods-orientated area of food production a mere 5% of the value-added network lay with the farmers, while 20% was tied up in business services that help bring food to market and into people’s homes.

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