Industries that the Economy Hasn’t Killed

BY: ON WEDNESDAY, APRIL 27, 2011

The economy has taken some incredible twists and turns recently, that has left many small business owners worried about the future. Despite current economic conditions, however, some industries have actually faired well enough to experience rapid levels of growth. Read on to find out what these industries are and learn why they have been able to survive the tumultuous market economy so you can follow their example.

Science and Technology Fields

In terms of the one of the top growing industries in the world, the Sciences and Technology fields still offer some of the best opportunities, even during a sluggish economy. The US Department of Labor and Statistics reports that jobs will grow at an amazing rate of 83% over the next five years, adding almost 1 million more jobs. This upward mobility is due to in part the quest for smarter fuel sources, more energy friendly vehicles, advancements in consumer technology and research. Smart businesses will get on board with more energy efficient equipment and technology to save money on transportation and energy use. <


Healthcare, Personal Care Services and Medical Research


In America alone, we now have over 7,000 “baby boomers” reaching the retirement age daily. That means a huge spike in the number of services and medical care related to an aging population. Healthcare and medical research continue to be at the forefront of most industries, with a whopping 74% growth according to IBSWorld reports. Services related to the care and well-being of older people remain at a high rate of grow and are expected to increase double-fold by the year 2018. Small businesses who want to take advantage of this growing consumer market can enhance current services and products with those that cater to an aging population.

Staffing and Employment Agencies

During tough economic times, when multiple people are either laid off from jobs or looking for better career opportunities, it’s not surprising that staffing and employment agencies are near the top of the industry growth list. In fact, the most recent figures from the DOL indicate that staffing and employment agencies, including independent recruitment firms, have grown at an incredible rate of 63% over just the last five years. You can bet that this industry will keep growing as more college grads and mid-life career-changers hit the job market – keep an eye out for qualified older workers who can bring more experience and great work ethics to your business.

Education and Training

With a large number of adults returning to school, coupled with a second-boom in births in the 1990’s, there are now more college students than ever before. That means the education and training industries have skyrocketed during the most recent tough economic climate. In fact, there are more adult students than ever before, many returning to college after raising kids or trying to get trained for new careers after being laid off. Look for a continual increase in online college and university classes as more working adults demand access to higher education, including more education and training opportunities in the workplace.

Financial and Retirement Planning  

During the worst part of the economic downtown, many entrepreneurs started questioning their financial investments, so naturally the financial and retirement management industry began to boom. Financial planning and investment firms continue to crop up on most major cities as well as independent agents who have a successful track record in this challenging industry. Look for many investment firms that offer more than just the average financial products for the aging consumer population, as millions more people hit retirement age.

Internet Publication and Marketing

With so much competition out there for small businesses to drive sales, both retail and commercial, the Internet marketing and publication industries have seen recent booms in the last few years. Add to that the number of private citizens who decided to launch small businesses across all industries following job losses and you have recipe for success in terms of the advertising world. This industry continues to grow at an exceptional rate of over 30% in all regions, based on research from IBSWorld. Take advantage of all the great free and low cost Internet advertising methods as a small business owner!

Real Estate Rentals and Appraisals

Despite the nose-dive that the real estate market took during the recent recessionary period, many real estate agents, who found themselves struggling to make home sales, decided to take their career in a different direction. There has been a steep interest on both sides of the real estate market for skilled appraisers who help establish the value of homes and advise owners on ways to increase the value with home improvement. Likewise, with so many home owners losing their homes, the real estate rental market went through the roof as more families turned to temporary housing to reduce expenses. Even small businesses have jumped on the real estate bandwagon by including services geared towards home sellers, or renting office space instead of buying.

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Computer Technology and Software Development

Once thought of as “unnecessary” in terms of industry, no one can do without the great advancements in computer technology and software development anymore. The giants of technology, such as Apple and Microsoft, have actually seen increases as consumers continue to demand better electronics, gaming and computer systems for home and business use. Growth during the sluggish economy has surprisingly been around 45% according to recent figures from the DOL. Smart design and marketing of products is the key to increasing sales and interest in the technology world, so learn from these leaders of industry when designing your own marketing campaign.

While the economy continues to have it’s challenges, you can take heart that there are more than 64% of the new jobs created in the past 15 years have been a result of small business efforts, according to 2011 Small Business Administration figures. That means small businesses are holding their own among the many industries and leading the way to a brighter future.

Check out the ChamberofCommerce.com business directory to find local businesses within these industries.

About the Author

Tess Taylor

Tess C. Taylor is a Web Copy Writer and Business Consultant from Charleston, South Carolina. In addition to being a 15 year veteran in Human Resources, Tess has had over 2,000 articles published on various small business, online marketing, green lifestyle, entrepreneurial and career topics around the globe.

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