Job growth may be weak across the nation, but several industries are poised to outperform the rest, according to data release from IBISWorld.
“After compiling the list of fastest hiring industries, some trends were apparent,” explained IBISWorld industry analyst Justin Molavi. “Each industry on the list fell into one or more of five sectors: environmental preservation, construction, automotive, real estate and insurance.”
Surprised to see construction and real estate at the top of the list? Here’s what IBIS World had to say about the top 5 growing industries:
Increasing government regulations will keep the focus on environmental preservation, benefiting businesses in the sustainable building material manufacturing and remediation and environmental cleanup services industries. IBISWorld estimates that jobs within these industries will grow 19.3 percent and 6.3 percent per year, respectively, by 2016.
With economic improvement will come a rebound in the housing market, which will benefit companies involved in multi-family home building, millwork and prefabricated housing. IBISWorld expects jobs within these industries to grow annually at 10.9 percent, 6.2 percent and 6.1 percent, respectively, by 2016.
This sector was hit hard during the recession, but as consumer confidence climbs so will car sales. Higher automotive demand will benefit used car dealers and auto manufacturers. IBISWorld expects annual employment growth of 8.8 percent and 1.5 percent in these industries, respectively, by 2016. Auto manufacturing is not expected to grow as quickly as the other industries listed due to a high level of outsourcing in recent history. However, domestic firms are starting to move some of their manufacturing functions back to the United States. After years of outsourcing, this shift could entirely restructure the recovering industry.
There will be a renewed post-recession interest in real estate as business picks up and companies need appraisal and risk management services. Real estate asset management and consulting and real estate appraisal firms are expected to beef up personnel to accommodate growth, increasing employee numbers at 6.2 percent and 5.6 percent per year, respectively, by 2016.
To hedge risk exposure, insurers are increasingly outsourcing risk management functions as well. In turn, third-party administrators and insurance claim firms will have to bolster personnel. Employment in this industry is set to grow 5.7 percent annually to 2016.
If you are looking for a new career or trying to narrow down a major at college, certainly consider this data.
If you are looking to buy real estate, consider whether the area has these industries nearby. Job growth almost always fuels real estate growth.
In areas of the country where there has been job stability and population growth, home prices have doubled every decade since the 70’s.
How do you think this recession might be similar or different from the last three? What are you doing to protect yourself now and to grow with the rebound?
Kathy Fettke is the CEO of www.RealWealthNetwork.com, the #1 resource for new and experienced real estate investors.
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