when did the united states become the world's largest economy
Economy of the United States The US economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[37] It has second highest total estimated value of natural resources, valued at $45 trillion in 2016.[38] Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007.[39][40] It has been the world's largest national economy (not including colonial empires) since at least the 1890s.[41] The U.S. is the world's third largest producer of oil[42] and natural gas.[43] In 2016, it was the largest trading nation in the world[44] as well as the world's second largest manufacturer, representing a fifth of the global manufacturing output.[45] The US also has not only the largest economy, but also the largest Industrial sector, at 2005 prices according to the UNCTAD.[46] The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.92 trillion in 2016.[47] Of the world's 500 largest companies, 134 are headquartered in the US.[48]