When you think about some of the big industries that have a major impact on the economy, you might think of things like banking, manufacturing or the technology sector. But your mind probably doesn’t go right to religion.
However, a recent study found that religious goods, services and institutions are actually worth around $1.2 trillion a year. And that doesn’t even include things like holiday dinner items or the value of religiously owned physical or financial assets. So it’s actually a fairly conservative estimate.
That means that the U.S. faith economy is worth more than the annual earnings of Apple and Microsoft combined.
You might not think that your small business has much to do with the faith economy. But faith based hospitals, schools and charity organizations are all a part of this economy, as are businesses that sell religious items or even food catered to particular religious groups. And as the report shows, those organizations can have a huge impact on the U.S. economy as a whole.
The Religion Economy May Be a Bigger Niche Than You Think
Even if your business isn’t directly connected to the faith economy, it’s interesting to note just how large this niche is. Think of everything from handmade religious items sold on Etsy to a local caterer that might provide kosher or halal meals. There are so many seemingly small areas of the economy that can have a huge impact and offer unique opportunities for new entrepreneurs. You just have to know where to look.