Determining the fastest growing industries can be subjective. Depending upon areas of interest, you can explore industries according to production levels, high-ranking revenue, leading growth in the employment sector, and profitable start-up businesses or investment opportunities.
In general, seven of the fastest growing industries are construction related.
Here is our balanced overview of America’s top 10 fastest growing industries:
1. Home Health Care Industries
According to The Bureau of Labor Statistics, Home Health Care is the number one fastest growing industry. Currently, more ill, elderly, and/or disabled people need the services of nurses, physical therapists, etc. Ironically, this industry is also experiencing one of the largest salary reductions across the board.
And would you believe home health care is more cost-effective than inpatient therapies?
2. Computer System Design & Associated Services Industries
Due to the speedy evolution of technology, industries demand for computer system design is widespread.
For workday operations to flow, business owners require new/updated computer systems. The great demand for computer systems designers and associated services is generating diverse and lucrative IT positions.
3. Construction Industries
A study compiled by Sageworks (financial data source) found that seven of the top 10 fastest growing industries in the United States are associated with the construction business. Installation or servicing mechanical systems, building finishing contractors, builders nonresidential/residential, and foundation/building exterior contractors ranked highest in fastest sales growth. Construction industries will likely prove to be good investments.
4. Green Energy Industries
Customer demand for green energy is escalating as cost decreases for solar and wind energy. As of the end of 2017, 170 mayors had pledged to only using green energy power and 100 companies are dedicated to solely using renewable energy.
5. Virtual Reality Industries
A report by Mind Commerce, a research and consulting firm, anticipates that virtual reality industries will maintain fast growth. From 2018-2023, a 54% compound yearly growth rate is expected.
This is auspicious need-to-know information for investors.
6. Cybersecurity Industries
In 2017, we observed colossal data breaches (unauthorized access to private information), fostering entities, such as governments, health care, and individual consumers to ramp-up their cybersecurity for online protection. Per Cybersecurity Ventures, between 2017-2021, we can expect global consumers spending to top $1 trillion for cybersecurity.
Cybersecurity is expected to be among the fastest growing industries in the world, not just limited to the United States.
7. Non-Store Retailers
Non-store retailers are a sub-category of the brick-and-mortar retail industry. Included are mail-order houses, e-commerce, party plan and door to door sales, and more (Infomercials, paper and e-catalog sales, direct response marketing, internet auctions, etc.).
In their economic forecast, the National Retail Federation expects an upsurge in non-store and online retailers of 10-12% during 2018.
8. Content Marketing
In the era where “content is king”, the little blogs business owners have relied upon for marketing will no longer suffice. To remain competitive, businesses should employ creative thinking in areas such as, higher quality, original content (content marketing services?), allocating sufficient time for content marketing, and effective consumer targets for distribution of content.
E-mail, social media, and SEO marketing depend upon original, sophisticated content for success. Content marketing is robust and continued growth is expected throughout 2018.
9. E-Commerce Food, Food Delivery
America eats out or has food delivered. Since Whole Foods was purchased by Amazon, expect e-commerce food delivery sales to ramp-up. The explosion of gourmet markets, online subscription markets, and farmers markets provide a bounty of alternative food choices.
10. Medical Marijuana
With 29 states and Washington D.C. onboard with medical marijuana laws, sales of legal cannabis are skyrocketing. President Trump has voiced his respect for state legalization. ZipRecruiter reported a 445% increase in marijuana related jobs, an 18% hike vs. openings in 2016.