Ever wondered about fast-growing industries in the US? If you’re looking for a new investment opportunity, to start a company, or find a new job, it’s important to do some research.
There are so many factors at play when it comes to industry expansion. It isn’t as simple as considering financial growth, although this is a factor. It’s important to consider employment growth and the demand for goods and services put on an industry.
This article outlines five industries that are rapidly growing in the US. These are the sectors that may help to ride out volatility in the stock market, provide inspiration for your next business venture, or help you land your next job.
Gambling
The gambling industry is growing thanks to the huge popularity of online casinos. It’s easier than ever to play from the comfort of your own home and many people are enjoying this luxury. Since everyone owns a smartphone nowadays, it’s easy to get online and start playing from wherever you are.
It’s estimated that the gambling services industry will increase by over 40% from 2022 to 2023. Gamblers can indulge in table games online and pay with crypto, as you can learn more details about advanced blockchain technology in the realm of gambling.
The gambling industry now offers players more games than ever before and this is what makes it so appealing and exciting. The gaming experience online is smooth and easy to navigate. High rewards and bonuses make online betting attractive to those with disposable income.
Healthcare
The healthcare sector has grown at an incredible rate, and it is predicted that jobs will increase by around 20% annually. This can be attributed to an aging population who require access to healthcare services. It’s estimated that by 2050, 21% of the US population will be over 65.
Findings show that almost 40% of adults in the US are overweight or obese, this can lead to chronic conditions, which places demand on the healthcare industry and leads to increased spending on health.
The healthcare industry is also growing due to advances and improvements in medical technology. As health conditions are better understood by medical professionals, new jobs become available, and training is required to use new technology and administer new types of medicine.
Construction
As demand for housing continues to grow, so do the demands placed on the construction industry. The population of the US is on the increase, which is driving the construction boom. With the growing population, there is also demand for roads, schools, and municipal buildings.
The construction industry then has a knock-on effect on the need for raw materials. The Bureau of Labor Statistics estimates that construction and extraction occupations are expected to grow by 4% over the next decade. Jobs such as builders, contractors, and civil engineers will allow more people to enter the construction industry.
Technology
The technology sector is currently booming in the U.S with the number of people employed by tech companies continually rising. “Employment in computer and IT is projected to grow 11% from 2019 to 2029, faster than the average for all occupations,” states Investopedia.
Technology plays such an integral role across all sectors. Healthcare, education, and transportation all rely on technology to improve their services, so it’s no surprise tech is growing at such an astounding rate.
The technology sector is accelerating quickly because of all the investment that is poured into it. Every day there are new developments, products, and innovations. What’s more the US exports around $500 billion worth of tech goods around the world, making it a great source of income for the country.
Travel
All aspects of the travel industry are expanding. Post-Covid, the industry is still recovering but there has certainly been an increase in air travel and holiday bookings. With almost all travel bookings moving online, more and more agencies are opening to provide people with their dream holiday.
Tourism economics has seen advanced innovation and growth after the pandemic, as travel spending has been increasing worldwide. According to U.S. Travel Association, in the post-pandemic world, travel spending has hit a growth rate that’s 6% higher than its 2019 counterpart.
Particularly, leisure travel becomes the foremost priority for most travelers, as they dedicate bigger budgets for vacation rentals and packages. However, traveling to foreign countries has shown around the same levels of interests as in previous years, as it slightly increased on a year-to-year basis from July to August 2022.
The travel industry is able to grow when people have more disposable income. Millennials appear more interested in spending money on experiences, such as cultural exploration, so income is being poured into the travel sector.
There has also been an increase in eco-tourism, as well as an increase in the “number of customers inclined toward undertaking tours for promoting health and wellness,” according to a Global Newswire report.
Final Thoughts: The Post-Pandemic World
It’s clear that there are huge variations between the companies that are rapidly expanding in the US. Many factors contribute to this expansion, including profits, job opportunities, and customer demand.
The top industries provide services to the most in-demand areas of the economy that show strength even in the post-pandemic times and economic hardships.
Not surprisingly, industries that provide the most utility, such as trade and transportation remain relevant, however, the biggest growth is seen in leisure, innovation, and even digital entertainment.
It’s notable that the industries that have been growing exponentially in the post-pandemic world not only have recover fast but also provide projections for sustained growth in the future. They effectively combat labor shortages and critical bottlenecks in the supply chain, which have been the most challenging obstacles for many businesses across all industries.
In the age of technology, rapid growth comes as no surprise. Both healthcare and construction are to facilitate a growing and aging population. An expansion of the gambling and travel industries is due to people having more disposable income and choosing how to spend it in the post-pandemic times.