What according to you is the most profitable industry in United States? If that’s tough, make a list. Whatever you had on your mind or you penned down on the note, Big Data’s answer isn’t going to be there.
Instead of using secondary surveys and a sample of businesses to determine a list and then working on it. Powerlytics, a big data data analytics company that provides financial insights into millions of businesses used data that’s already publicly available.
Kevin Sheetz, CEO of Powelytics said that selection bias creeps in while using the traditional way. By getting the entire population instead of looking at components of population, we can arrive at a more accurate picture.
Powerlytics was able to create a profile of all 27 million businesses in U.S by using a combination of more than 20 public data sets which included the Census and the Department of Labor.
Using the diverse and disperse set of data to create profiles poses challenge as a lot of publicly available data sets don’t connect well together. But the expertise of Powerlytics enabled them to overcome this problem.
And coming to the answer to the original question, The most profitable industry determined by earnings before interest, taxes and amortization as a percentage of sales is Electrical Equipment Manufacturing!
Bet you didn’t think of that…!!
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