Internet Sector Contributes $2.1 Trillion To US Economy, Industry Group Says

The rapidly growing internet sector accounted for $2.1 trillion of the U.S. economy in 2018, or about 10% of the nation's gross domestic product (GDP), an industry group said on Thursday. From a report: The Internet Association, a group representing Amazon.com, Facebook, Alphabet, Twitter, Uber and many other firms, released its estimate as the tech sector has come under increasing criticism, with some lawmakers calling for the breakup of major firms and renewed antitrust scrutiny. The study says the internet sector represents the fourth largest sector of the U.S. economy, behind real estate, government and manufacturing. Last year, manufacturing accounted for about $2.3 trillion in U.S. GDP. The study found that the internet sector has nearly 6 million direct jobs, which accounts for 4% of U.S. jobs, while U.S. internet firms spent $64 billion in capital expenditures. The study also found the internet sector indirectly supports another 13 million jobs.

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