Emerging Sectors in the US
The United States of America is considered a land of opportunity and why the US has earned this name and position is not hard to understand. The second largest democracy in the world enjoys economic stability and also has significant influence on the political dynamics of many countries.
As previously stated, with the GDP of over USD 21 trillion the USA is a hub for multinational companies, housing many Fortune 500 and Fortune 1000 corporations and industries. The country is also the financial hub of the world with Wall Street in New York as the most happening stock marketplace and the New York Stock Exchange (NYSE), the largest stock exchange by market capitalization under its sleeves.
The US economy added 155,00 new jobs in November 2018, marking 98 weeks of consecutive job growth, the longest in US history. While employment growth has been steady, some industries have been growing faster than the others and have helped overall job growth.
The fastest growing industry, according to Forbes, in terms of revenue growth, are services that support mining and oil and natural gas extraction Building finishing contractors, architectural and engineering firms, and companies involved in the category of heavy construction and engineering projects other than roads and bridges (such as dredging or marine facilities) each posted double-digit sales growth and ranked among the top 10 fastest-growing industries In 2017, Mining-support services, on average, experienced 44.9 percent sales growth.
Mining and activities related to mining support have seen 87,000 jobs incrementally added since 2016 as per the data from the Bureau of Labor statistics (BLS).
The list of the 10 fastest growing industries in terms of revenue growth include:
- Support activities for mining
- Heavy and civil engineering construction
- Beverage manufacturing
- Personal services
- Direct selling establishments
- Building finishing contractors
- Office of real estate agents and brokers
- Miscellaneous durable goods merchants
- Specialized freight trucking
- Architectural, engineering and related services
Companies in Computer systems design (and related services) still grew sales, on average, 11.9 percent putting it just outside the top 10 list of fastest growing industries .It remains above the average of 9 percent of all industries during 2017.
As per the Bureau of Labor Statistics (BLS), The health care and social assistance sector will account for over a third of the nation’s projected job growth from 2014 to 2024. The largest increase in employment in terms of industry is forecasted in the construction industry. At the same time, manufacturing employment is forecasted to fall , in line with the decline that has been witnessed over the last 10 years.
The trend of slowing down of population growth and the consequent declining labor force participation, and a lower unemployment rate will result in employment growth slightly stronger from 2014 to 2024 than it was from 2004 to 2014.
Thus, the service-providing sectors will account for the majority of the projected job growth. Employment growth in the two largest service-producing sectors—health care and social assistance and professional and business services—will continue to be strong. In the goods-producing sectors, employment will be driven by growth in construction.
According to IBIS world, the top 5 industries in United states as per revenue growth in 2020 are:
- 3D printing & rapid prototyping services
- Hydraulic Fracturing services
- Medical and health care services
- Autonomous underwater vehicle manufacturing
- Wind power in the US