What Are the Nation’s Fastest Growing Industries?
Some industries like real estate and the newspaper industry might have taken a noticeable nose dive during the recent downturn in the economy, but others have seen an equally noticeable rise.
A new report from IBIS World examined the growth of several industries across America’s business sector and listed 10 with the highest level of growth between 2007 and 2010.
The report examined each industry’s growth through several factors such as their contributions to the economy as a whole, as well as their “absolute revenue growth and establishment growth over the last 10 years.” The results produced some very astounding and interesting results.
For instance, green industries, such as solar panel manufacturing, saw revenue growth of 32.3 percent from 2002-2010. The report credited its rise to increasing environmental awareness and the federal government’s aim to reduce the use of fossil and other non-renewable fuels.
The hot sauce industry also made the final list, something that came as a bit of a spicy surprise to the people who who worked on the list. They credited its rise to increasing consumption trends and higher global demand for the product in countries such as Canada, the UK and Japan, and predicted it would grow by a rate of 4.1 percent annually over the next five years on average.
The 10 Fastest Growing Industries
1. Generic Pharmaceutical Manufacturing
2. Solar Panel Manufacturing
3. For-Profit Universities
4. Pilates and Yoga Studios
5. Self-Tanning Product Manufacturing
6. 3D Printer Manufacturing
7. Social Network Game Development
8. Hot Sauce Product
9. Green and Sustainable Building Construction
10. Online Eyeglasses and Contact Lens Sales