The fastest growing industries in the United States are construction-related companies. Sageworks, a company that analyzes financial statements for privately held companies, ranks the fastest-growing industries in the U.S. in terms of sales growth. This industry posted an average annual growth rate of 18% in the past 12 months. Other industries experienced an average growth rate of 6.8%. This list is by no means comprehensive. You may find the fastest-growing industry in your region to be a surprising surprise.
The tech industry is a booming, fast-growing sector. Its impact on the global economy and job market is extensive and the lines between direct and indirect growth are blurring. According to IDC, the tech industry will grow to $5.3 trillion by 2022, and the U.S. alone will account for about 30% of the world’s total market, or $1.8 trillion. As more people adopt new technologies and the world becomes more connected, the need for skilled workers will continue to rise.
According to the CompTIA Cyberstates report, technology is responsible for 10.5% of the U.S. economy. That translates to over $2.0 trillion in direct economic impact. Meanwhile, the indirect economic impact of the tech industry is equivalent to 4.8 jobs. These are staggering numbers, and are sure to continue growing for the next decade. But are we really benefiting from this industry? Let’s look at some of the factors that are responsible for its growth.
Healthcare is one of the largest industries in the world, accounting for almost 10% of the GDP of developed countries. The US spends nearly twice as much on healthcare than any other country, and the industry is set to continue its explosive growth. Currently, the US is home to some of the largest companies in the world, including McKesson, UnitedHealth Group, CVS Health, and AmerisourceBergen, with annual revenues averaging about $208 billion. By 2023, the US health sector is estimated to grow to a total of $4.3 trillion.
The emergence of COVID-19, which affected millions of people, shifted the dynamics in the healthcare value chain. However, the years 2020-2021 proved challenging for providers and payers, as well as for innovation and growth in services. Further, continued inflation of consumer prices may dampen the outlook in the coming years. However, the recovery in profitability is partially responsible for the current positive outlook. Meanwhile, the implementation of value-based care models and the increasing use of technology are expected to continue to be key factors for success in the long term.
The manufacturing industry is rebounding from the pandemic of 2008, undeterred by historic supply chain and labor challenges. While manufacturers must navigate elevated risks and move toward sustainability, the following trends are likely to help them do just that. In this 2022 outlook, we examine five trends in manufacturing. Positive economic indicators, coupled with a rising number of new orders, signal continued growth in 2022. Manufacturing is also a boon to American companies.
The manufacturing industry is continuing to be a driving force in the U.S. economy. Its median hourly wage is higher than any other industry. The United States is the world’s largest manufacturing economy, and without manufacturing, it would be only the eighth largest. Its high-paying manufacturing jobs have been an economic engine for America for decades. While it has borne the brunt of the Great Recession, the industry has rebounded from its adversity and is now growing at 30%, more than twice as fast as the overall economy. The Reshoring Initiative has been instrumental in bringing manufacturing jobs back to the U.S. and creating jobs in the process.
The education industry is one of the largest global industries, generating huge amounts of employment and revenue. Technological advancements, e-learning, and rising middle class populations in developing countries have accelerated this growth. Other industries in the education sector include vocational training, primary and secondary education, and gambling. These industries are more specific than alcohol and gambling, which are deemed “sins”.
Education has become the largest employer in most U.S. cities, and employment is expected to rise by nearly 11.5 percent by 2028. With the population aging, many healthcare institutions are seeing huge growth. And because the baby boomer generation is retiring, the healthcare industry will be among the fastest growing industries in the country. Moreover, millennials are the largest generation in the U.S. and will likely be the largest employer over the next decade.
E-learning is becoming an important force in combating educational inequality and economic development in developing countries. It allows students to study at their own pace, which can help them weather household financial problems, political instability, and natural disasters. Furthermore, barriers to studying are not only affecting emerging markets. People in developed markets also expect to be able to study when and where they want. The Internet offers this convenience. Education is a huge market.