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Business Profile
Economy: The US economy is the world’s largest, most powerful and most diverse. The roots of this lie in the physical expansion and development of the country during the 19th century. As a result, the USA benefited from a unique combination of mass immigration, technological and marketing innovations, exploitation of natural resources, the expansion of international trade, historical fortune (hugely destructive wars which caused immense damage to other world powers but left the USA virtually untouched) and the fostering of a political and economic system well designed to exploit them. The enormous influence of US-based multinational companies in the world economy has afforded not only unique global influence to the US government but has also allowed its currency to acquire unique international status.
Large areas of the USA, particularly in the Mid-West, are under cultivation and produce a wide range of commodities: the most important of these are cotton, cereals and tobacco, all of which are exported on a large scale. The principal mining operations produce oil and gas, coal, copper, iron, uranium and silver. The US manufacturing industry is a world leader in many fields including steel, vehicles, aerospace, telecommunications, chemicals, electronics and consumer goods. Since the late 1970s, however, the biggest employer has been the service sector, particularly finance (including banking, insurance and equities), leisure and tourism. Services now account for three quarters of output and employment. To this have been added the new computer-based industries associated with the Internet which began revolutionising lifestyles and commerce during the late 1990s – a process which seems set to continue into this millennium with the USA at the forefront of new developments.
The US economy has performed steadily, if unspectacularly, in recent times: inflation and unemployment are now 1.5 per cent and five per cent respectively. Annual growth averaged around four to five per cent during the late 1990s, but has since slipped to its present rate of 2.2 per cent as the economy slows down. The events of September 2001 added to the pessimistic outlook for the economy as several industries (notably civil aviation and tourism) suffered a sudden fall in demand. The important IT and telecommunications industries have also been depressed, as have traditional manufacturing industries such as steel. The USA’s most important trade relationship is with Canada (which accounts for 20 per cent of all US trade). The two countries concluded a free trade agreement in 1989: this accord formed the basis for the North American Free Trade Agreement (NAFTA), to which Mexico became a signatory in 1992 (NAFTA is of similar proportions to the EU in terms of population and economic output.) Other major trading partners are Japan, the UK and Germany, followed by other members of the EU.
Business: Businesspeople are generally expected to dress smartly, although a man may wear a short-sleeved shirt under his suit in hot weather. Normal business courtesies should be observed, although Americans tend to be less formal than Europeans. Appointments and punctuality are normal procedure and business cards are widely used. Dates in America are written month-day-year: 4 July 2003 would thus be abbreviated as 7/4/03. Write out the month in full to avoid confusion. Office hours: Mon-Fri 0900-1730.
Commercial Information: The following organisations can offer advice: New York City Partnership & Chamber of Commerce, 1 Battery Park Plaza, Fifth Floor, New York, NY 10004 (tel: (212) 493 7500; fax: (212) 344 3344; e-mail: info@nycp.org; website: www.nycp.org); or US Chamber of Commerce, 1615 H Street, NW, Washington, DC 20062 (tel: (202) 659 6000; website: www.uschamber.org); or the Trade Information Center, US Department of Commerce, (tel: (202) 872 8723; fax: (202) 482 4473; website: www.tradeinfo.doc.gov); or National Foreign Trade Council Inc, 1625 K Street, NW Suite 200, Washington, DC 20006 (tel: (202) 887 0278; fax: (202) 452 8160; e-mail: nftcinformation@nftc.org; website: www.nftc.org); or British American Business Inc, 75 Brook Street, London W1K 4AD, UK (tel: (020) 7467 7400; fax: (020) 7493 2394; website: www.babinc.org).
Conferences/Conventions: If for no other reason than its role in the world economy, the USA is an important conference destination; there are State, city and regional travel and convention organisations in every part of the country, each actively promoting its own assets. With so much information available, the real problem for the organiser is to find some way of getting through it all. There are several magazines aimed at helping the conference organiser; they include Meeting & Conventions Magazine (website: www.meetings-conventions.com), Successful Meetings Magazine (website: www.successmtgs.com) and Corporate Meetings and Incentive Magazine (website: www.meetingsnet.com). Of statistical interest is Chicago’s status as host to more trade shows than any other city in the world. Organisers interested in US venues should contact the US Travel Industry Association or the travel organisations listed in the individual State sections. In addition to the State organisations, addresses of travel and convention organisations for cities and counties are also included.
Copyright © 2003 Columbus Publishing Ltd.
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