May 1, 2018
Since the recession in 2007, the economy has been on a slow journey back up to where it was. Even though that growth has been slow at some points, it still has been growing and leaving markets open for expansion. Some of the fastest growing industries have just recently started booming, and others have been on a growth frenzy for years now. According to Forbes, the average rate an industry grows each period is 6-8%, but some of these top industries are in the high teen percentages. If you are considering getting into a new industry these industries may be your best bet for growth and long-term stability.
Almost every source that invested the top growing industries in the US had construction at the top of their list. In the study done by Sageworks, seven of the ten top growing industries were construction related. That is a huge percentage for the construction industry. Construction has also been on these top 10 lists for years now, showing it has been a very stable growth and investment up to this point. This shows that getting into any of the construction-related companies now should show to multiply tenfold throughout its lifetime.
Home Health Care
In reference to the study done by The Bureau of Labor Statistics, Home Health Care services are currently the fastest growing industry. But oddly enough they are also reported to be one of the highest wage decreasing industries currently. One of the main reasons that this industry is growing so rapidly is that it actually saves patients money to have home health care versus inpatient treatment. Also with Obama care, more people qualified for home health care and the push for more people to receive it has boosted the industry. Home Health Care is also increasing because of economic pressure from third-party payers. In this day and age, adults are less likely to want to or have the time to provide their parents the care that they need, and so home health care can be a great alternative to nursing and retirement homes.
Computer Systems Design
With the rapid growth, the economy is experiencing in technology the need for computer system design has followed suit. Every business, even small businesses, need systems build and designed for them so they can operate their day to day business operations. This has caused a great need for more computer systems designers. The growth for independent contractors and salary employees in this field have both increased, giving computer system designers more options for their career paths.