The changing face of America's job market
Total U.S. GDP grew 15.5% between 2007 and 2017, from $16.87 trillion to $19.49 trillion, and certain professions saw major growth while others shrank, a new survey of government data by USAFacts shows.
What's happening: The real estate sector became the largest industry in the country in terms of value added to GDP during that 10-year period, growing 22.1%.
- Two industries saw their share of the GDP fall: mining, which dropped 26.7% from $366 billion to $269 billion, and construction, which fell 6.4% from $835 billion to $781 billion.
The big picture: In addition to changes in the way Americans earn money, the survey also noted some profound shifts in American households.
- More people are living alone.
- A greater share of the population is divorced.
- There are more single-parent families and households without children.
By the numbers: All of this is leading to a shrinking average household size, meaning fewer wage earners per household, and a smaller median household income.
- Families and individuals in the middle 20% of income make 9% less in wages and salaries than they did in 2000.
- That is largely being made up for by government assistance, as those families received 59% more in transfers from the government.
- This group also paid 12% less in taxes.
Go deeper: "Jobs of the future” surged in 2018