The U.S. market is actually comprised of smaller markets and not just one big entity. Market research would tell you that these markets have a lot of things in common but also present a lot of differences with regard to the various opportunities and potential investments they present. Nonetheless, this article will help you find out which of these markets in which regions would offer you the best chance for success. Here are eleven major economic regions and their respective details on which opportunity may fit you the best:
11 places in the U.S. with opportunities to export to
1. New England
New England is composed of Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Most imports are resource-based products such as energy and wood.
A growing interest in this region is in advanced technology, technology transfer, and commercialization.
The Northeast region is composed of New York, Connecticut, New Jersey, and Pennsylvania. It’s home to several Fortune 500 companies and several important universities.
New York City is considered a powerhouse in media, publishing, advertising, cultural, and financial sectors.
The Mid-Atlantic region is composed of Delaware, District of Columbia, Maryland, Virginia, and West Virginia.
This region houses the country’s major defence procurement market and is home to numerous Fortune 500 companies.
It’s also abundant in federal laboratories with federal R&D funding.
The Southeast region is composed of Alabama, Georgia, The Carolinas, Mississippi, Tennessee, and Florida. Imports of auto parts, aerospace components, and medical supplies are popular.
Trading companies are also abundant in the region.
Miami is the purchasing center and a gateway for Central America, the Caribbean, and Latin America.
5. South Central
The South Central region is composed of Texas, Arkansas, Louisiana, Oklahoma, and New Mexico
Among these, Texas has the largest market in the region. It has low labor costs and low taxes.
The Southwest region is composed of California, Arizona, Nevada, and Hawaii.
California has a large concentration of aerospace and defence industries and is home to the largest center of biotechnology and life sciences industry. The state also produces quantities of wood products, machinery, electrical and electronic equipment, scientific instruments, and aircraft and aircraft parts.
The Northwest region is composed of Washington, Oregon, Idaho, and Alaska. It boasts of several opportunities in aerospace, ICT, life sciences, clean technologies, and alternative energy. Some of the world’s biggest companies even house their headquarters here.
Idaho is viewed as a smaller agricultural market and Alaska has invested in mining sectors. Oregon is comprised of major corporations as well.
8. Rocky Mountain Region
The Rocky Mountain region is composed of Colorado, Montana, Utah, Wyoming, and Kansas. Imported goods include mining machinery, fertilizers, live animals, newsprint, softwood lumber, and aircraft parts.
9. Upper Midwest
The Upper Midwest region is composed of Minnesota, Iowa, Nebraska, and the Dakotas. Imports in this region are mainly gas and oil, machinery, fertilizers, motor vehicles and parts, plastics, oilseed, paper and paper products, livestock, cereals, and chemicals.
The Midwest region is composed of Illinois, Missouri, and Wisconsin. Exports in this region include energy, machinery, auto parts, wood and paper products, manufactured goods, and agri-food.
New industries such as biotechnology, life sciences, nanotechnology are slowly being established.
The region also boasts of numerous Fortune 500 companies located here.
Food processing is a strong sector along with transportation and distribution infrastructures.
11. Great Lakes
The Great Lakes are composed of Michigan, Indiana, Kentucky, and Ohio. Auto corporations have established engineering offices, sales offices, and research centers. There is also a large concentration of manufacturing firms related to the automotive sector along with manufacturers of rubber, plastic, and vehicle electronics.
So where do you think you can start a business in the U.S.? You have tons to choose from. Market research will tell you which one is more conducive for you to start a business where you can be successful in.