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Doing business in the US

General Facts about the US

The information on this page was current at the time it was published. Regulations, trends, statistics, and other information are constantly changing. While we strive to update our Knowledge Base, we strongly suggest you use these pages as a general guide and be sure to verify any regulations, statistics, guidelines, or other information that are important to your efforts.

General Facts about the US

In this section, you will find basic information intended to give you a quick overview to get you started in the U.S. We’ll continue to add to it based on your needs. If there’s something missing, send us an email at hello@globig.co , we will let you know when we have added it.

Conventional Long Form Name of the US: United States of America
Local Conventional Short Form Names of the US: US, USA, The States
Internet Country Code of the US: .us
Capital of the United States : Washington, DC
People in the US are called: Americans
Official Language(s) of the US: There is no official language at the federal level, though American English is the primary language used for legislation, regulations, executive orders, treaties, federal court rulings, and all other official pronouncements. Over 30 states have enacted legislation to make English their official state language.
Total Population of the US : 339,665,118 (2023 est. by World Factbook)
Urban Population of the US: 83.3%
Major Urban Areas of the US: 18.937 million New York-Newark, 12.534 million Los Angeles-Long Beach-Santa Ana, 8.937 million Chicago, 6.707 million Houston, 6.574 million Dallas-Fort Worth, 5.490 million WASHINGTON, D.C. (capital) (2023)
Currency of the US: Dollar
Currency Symbol of the US: $, US$, USD
Thousands Separator (comma) and Decimal Mark (dot) in the US: 1,234,567.89
Clock Format in the US: 12 hour clock (am/pm)
Date Format in the US: MM/DD/(YY)YY
Time Zones for Standard Time (ST) and Daylight Savings Time (DST)
Atlantic UTC -4 (ST) / UTC -3 (DST) (No portion of the continental United States is in this time zone, but Puerto Rico and the U.S. Virgin Islands are)
Eastern UTC -5 (ST) / UTC -4 (DST)
Central UTC -6 (ST) / UTC -5 (DST)
Mountain UTC -7 (ST) / UTC -6 (DST)
(Arizona, except for the Navajo Indian Nation, does not observe DST)
Pacific UTC -8 (ST) / UTC -7 (DST)
Alaska UTC -9 (ST) / UTC -8 (DST)
Hawaii – Aleutian UTC -10 (ST) / UTC -9 (DST) (Hawaii does not always observe DST)
US Daylight Savings Time: Starts second Sunday in March; ends First Sunday in November
US Phone Number Code: +1
US Landline Phone Number Format: 10-digit, (area code) prefix-suffix; (xxx) xxx-xxxx
US Cell Phone Number Format: 10-digit, (area code) prefix-suffix; (xxx) xxx-xxxx
US Standard Work Week: The standard work week is 40 hours, and any covered nonexempt employee must be paid at least time and a half for any hour over 40. There is no limit to how many hours can be worked for those 16 and over, as long as overtime is paid. Overtime pay is not required for work on weekends, holidays, or regular days of rest, unless overtime is worked on those days.
US Annual Leave: The Fair Labor Standards Act (FLSA) does not require payment for time not worked, such as vacations, sick leave or federal or other holidays. These benefits are matters of agreement between an employer and an employee (or the employee’s representative).
US National Holiday: One of the federal holidays, the 4th of July, or Independence Day, marks the United States’ independence
US Voting Age: 18
Drinking Age in the US: Each state can set its own minimum legal drinking age (MLDA). All 50 states have set 21 as the MLDA for purchase of alcohol. In some states the consumption of alcohol in certain private situations (at home or with family) is legal
Smoking in the US: 18 to purchase tobacco, though in some states consuming tobacco products under the age of 18 is not illegal or is ignored. In January 2016, Hawaii raised the age to 21 for smoking, purchase, and sale of tobacco and e-cigarettes.
Location and Geography in the US: North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico and 38 00 N, 97 00 W Geographic coordinates.
National Symbol(s) in the US: Bald eagle
US National Colors: Red, white, blue
US Government and Political System: Constitutional federal republic
US Head of State: Joe Biden is the 46th and current President of the United States.
US Election Tenure : Federal elections occur every two years, on the first Tuesday after the first Monday in November. Every member of the House of Representatives and about one-third of the Senate is up for reelection in any given election year. A presidential election is held every fourth year.
The US Constitution: The Constitution of the United States is the supreme law of the United States. Written in 1787, ratified in 1788, and in operation since 1789, the Constitution is composed of the Preamble, seven articles, and 27 amendments.
United States Legal System: The US legal system is the common law system based on English common law at the federal level; state legal systems based on common law, except Louisiana, where state law is based on Napoleonic civil code and judicial review of legislative acts.
US Climate: The majority of the US experiences a continental climate with hot summers and cold, often frigid, winters. Season length varies with latitude and distance from the ocean.
Temperature Extremes: The US boasts a vast temperature range, from the tropical warmth of Florida (annual average exceeding 21°C) to the frigid arctic chills of Alaska. Seasonal swings are significant, with northern regions experiencing a 50°C difference between summer and winter.
Precipitation Variations: Rainfall also varies greatly, with the Gulf Coast receiving over 127 cm annually, while arid regions like the Intermountain West and Southwest see less than 30 cm. Peak rainfall seasons differ regionally, from late spring in the Midwest to winter on the West Coast.
Weather Extremes: The US faces diverse weather extremes, including severe thunderstorms, frequent tornadoes (nearly 1,500 annually), and recurring hurricanes impacting the Gulf and Atlantic coasts. Droughts also affect roughly 20% of the country at any given time.
US Natural Resources: Coal, copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber, arable land.
The US has the world’s largest coal reserves with 491 billion short tons accounting for 27% of the world’s total.
The US is reliant on foreign imports for 100% of its needs for the following strategic resources: Arsenic, Cesium, Fluorspar, Gallium, Graphite, Indium, Manganese, Niobium, Rare Earths, Rubidium, Scandium, Tantalum and Yttrium.
Religion in the US: The U.S. has the largest Christian and Protestant population in the world. According to Gallup, 75% of Americans report praying often or sometimes and religion plays a very or fairly important role in their lives. Judaism is the second-largest religion in the U.S., practiced by 2% of the population, followed by Hinduism, Buddhism, and Islam, each with 1% of the population.

America’s Female Population

  • The United States boasts a vibrant and diverse female population exceeding 166.3 million, accounting for roughly 51.1% of the total population (US Census Bureau, July 1, 2023). This demographic segment represents a significant economic force and consumer base, wielding immense purchasing power and influencing various industries.
  • While the US continues to make strides towards gender equality;
    • The World Economic Forum’s Global Gender Gap Report 2023 ranked the country 43rd out of 146 countries.
    • This ranking highlights areas for continued progress, particularly in economic participation and opportunity for women.
    • However, it’s important to note that the report also acknowledges advancements in educational attainment and health and survival for women in the US.
  • Trailblazing women are constantly redefining boundaries across various sectors.
    • From CEOs like Mary Barra at General Motors to renowned scientists like Dr. Frances Arnold, and cultural icons like Beyoncé, American women are shattering glass ceilings and achieving remarkable success.
    • This entrepreneurial spirit and diverse range of accomplishments contribute significantly to the nation’s economic and cultural landscape.

Understanding the preferences, needs, and purchasing power of this dynamic demographic is essential for businesses seeking to thrive in the US market. By tailoring strategies and offerings to resonate with this influential segment, companies can unlock significant growth potential.

Population by Age in the US

As of July 1, 2023, the US Census Bureau estimates the population to be over 333.29 million, with diverse age groups presenting distinct opportunities and considerations.

  • The largest segment comprises individuals aged 30-34, encompassing approximately 23.31 million people (male and female combined).
    • This established demographic boasts established careers and growing disposable income, making them a significant consumer base.
    • Following closely are the 18-24 year olds (22.31 million) and 25-29 year olds (22.28 million), both known for their tech-adoption and evolving purchasing habits.
    • These younger generations represent a valuable market segment with distinct preferences and purchasing power.
    • The US population is aging, with a significant number of individuals reaching retirement age.
    • As of July 1, 2023, the US Census Bureau estimates that 16.8% of the population, or roughly 55.8 million people, are aged 65 and over. This segment is projected to grow steadily in the coming years, reaching 23% by 2050.

This growing demographic represents a substantial consumer base with unique needs and preferences. They often possess disposable income and significant purchasing power in various sectors like healthcare, financial services, and leisure activities.

Additionally, the older population is increasingly tech-savvy and engaged in online activities, presenting opportunities for businesses to reach them through targeted digital marketing strategies.

By tailoring marketing strategies, product offerings, and customer service approaches to resonate with the unique needs of each age group, businesses can unlock significant growth potential in the US. Understanding the age distribution and specific characteristics of each demographic is vital for establishing successful market entry or expansion strategies in the US.

Age Structure in the US

As of 2023, according to the “CIA World Factbook” here’s the age structure of the United States:

  • 0-14 years: 18.15% (male 31,509,186/female 30,154,408)
  • 15-64 years: 63.72% (male 108,346,275/female 108,100,830)
  • 65 years and over: 18.12% (male 27,589,149/female 33,965,270)

Here is a link to the US Census Bureau: Population Estimates – National & Regional by Age page. This page allows you to explore the data further, including detailed age breakdowns, historical data, and projections for the future

Aging and Gender in the US

The US population is experiencing a significant demographic shift, with an aging population and a narrowing gender gap in life expectancy.

  • As of July 1, 2023, the US Census Bureau estimates that 16.8% of the population, or roughly 55.8 million people, are aged 65 and over. This segment is projected to grow steadily in the coming years, reaching 23% by 2050.
  • While women on average live longer than men in the US, the gender gap in life expectancy is narrowing. According to the latest data from the Centers for Disease Control and Prevention (CDC), in 2021, the average life expectancy at birth was 79.3 years for females and 73.5 years for males. This narrowing gap is important to consider when analyzing market trends and developing business strategies.

References

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