when did america become world's largest economy
Economy of the United States The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[39] It has the second-highest total-estimated value of natural resources, valued at $45 trillion in 2016.[40] Americans have the highest average household and employee income among OECD nations, and in 2010, they had the fourth-highest median household income, down from second-highest in 2007.[41][42] The United States has held the world's largest national economy (not including colonial empires) since at least the 1890s.[43] It is the world's third-largest producer of oil[44] and natural gas.[45] In 2016, it was the world's largest trading nation[46] as well as its second-largest manufacturer, representing a fifth of the global manufacturing output.[47] The U.S. also has both the largest economy and the largest industrial sector, at 2005 prices according to the UNCTAD.[48] The U.S. not only has the largest internal market for goods, but also dominates the trade in services. U.S. total trade amounted to $4.92 trillion in 2016.[49] Of the world's 500 largest companies, 134 are headquartered in the US.[50]