The 7 Fastest Growing Industries in the US
March 30th, 2016Are you planning on starting your own business or thinking about a career change? While no industry can guarantee your success, these sectors of the economy are growing rapidly.
Home Health Care Services
The baby boomer population is aging, and with that comes an increased need for in-home health care services. Senior citizens are increasingly opting to “age in place” rather than move to a convalescent hospital or retirement home. The Bureau of Labor Statistics (BLS) predicts the home health care services industry will add a whopping five million jobs between 2012 and 2022!
Translation and Interpretation Services
The world is becoming a more global place, and businesses are looking to expand abroad. With this growth comes the need for more translators and interpreters. This industry is seemingly one of the best to get into over the next few years. It is forecast to have a 36 percent increase in jobs from 2014 to 2019.
Legal Marijuana
The marijuana industry has been rapidly growing, no pun intended, as several states have legalized recreational marijuana in recent years. Medical marijuana stores should expect higher demand from customers seeking relief from chronic illnesses as the “Graying of America” continues. Inc.com predicts the number of marijuana-related business will jump 20 percent between 2016 and 2022.
Wine and Distilled Alcoholic Beverage Merchant Wholesalers
Microbreweries and microdistilleries are experiencing a surge in the U.S., with employment rising 17.2 percent from 2007 to 2014. The job growth in this industry is expected to rise 25 percent by 2019.
Voice over Internet Protocol (VoIP)
It seems like fewer and fewer people are relying on home land lines, and instead are using cell phones. VoIP technology gives people another option when making phone calls. It allows people to call or video chat with someone using an internet connection. Using the internet instead of a traditional phone line to make calls saves consumers big money on their phone bill. Forbes estimates the VoIP industry produces about $15 billion in revenue each year. 3-D printing. If you don't know yet what 3-D printing is, you soon will. 3-D printing uses digital files to produce three dimensional physical objects. Using an additive process, successive thin layers are piled on top of each other and eventually form the desired object.
This kind of manufacturing is predicted to grow globally at a 27 percent compound annual growth rate, according to the International Data Corporation. Expect to see the most growth in the United States, Asia, and Western Europe.
Wood Product Manufacturing
More and more residences are being built, while already established buildings are being renovated. This rise in construction is causing an increase in wood manufacturing for items such as cabinets, doors, flooring, and more. The Bureau of Labor Statistics predicts that the number of people employed in wood product manufacturing will jump 30.9%, from 63,800 in 2012 to 83,500 in 2022.
