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10 Industries to Watch
(August 23, 2010) - The economy's current state might be better than it was in the tail end of 2008, but it definitely has room for improvement. The unemployment rate cracked 10 percent and companies continue to cut jobs. People want to find jobs now, and understandably so.
The march toward recovery is frustratingly slow, however, which means job seekers who are looking for work today also need to keep an eye on the future. Industries that aren't thriving today will bounce back and grow in the coming years. Therefore, you can job hunt now and still work toward your long-term career goals.
Where the jobs are now!
In his new book, "Where the Jobs Are Now," Joe Watson looks at the industries that are hiring right now, despite the sluggish economy. Some sectors are booming because of increased demands -- some related to the economy. Watson identifies seven industries experiencing a boon right now: health care, biotechnology, education, green energy, government, security and information technology.
Why? Well, the answer is different for each industry. Right now, many professionals are returning to school to earn a degree, get a certification or brush up on the latest technology. Therefore an increase in education jobs, from the administrative level to teaching positions, makes sense. An aging population is putting more demands on health care workers and also emphasizing the importance of biotechnology.
New technology and a cultural desire for sustainability are increasing the need for green technology. The reasons go on and on, but ultimately they all prove that certain needs don't disappear just because of a sour economy.
Which industries will grow!
Meanwhile, for other industries, growth isn't happening just yet, but it will soon. The economy won't stay in its current state forever, and depending on the source, some people claim we're on an upswing right now. Regardless, throughout the next five years some sectors will rise above others, says Toon van Beeck, senior analyst for industry research firm IBISWorld. "Some industries on the list have taken a major hit during the recessions," he explains. "But as economic conditions improve, resurgence in global demand and rising commodity prices will boost conditions in those sectors."
"Some industries on the list have taken a major hit during the recessions," he explains. "But as economic conditions improve, resurgence in global demand and rising commodity prices will boost conditions in those sectors."Perhaps you can't predict the future, but IBISWorld analyzed more than 700 U.S. industries in order to understand where the jobs will be in the near future. Based on IBISWorld's number crunching.
Here are 10 industries that will have the fastest employment growth in the next five years:
2009 employees: 17,110
Projected 2014 employees: 34,850
Annualized growth: 15.3 percent
2. Private equity, hedge funds and investment vehicles
2009 employees: 35,200
Projected 2014 employees: 58,700
Annualized growth: 10.8 percent
3. Single-family home building
2009 employees: 435,000
Projected 2014 employees: 655,000
Annualized growth: 8.5 percent
4. Car and automobile manufacturing
2009 employees: 50,756
Projected 2014 employees: 73,950
Annualized growth: 7.8 percent
5. Environmental consulting
2009 employees: 122,922
Projected 2014 employees: 176,519
Annualized growth: 7.5 percent
6. Multi-family housing construction
2009 employees: 60,000
Projected 2014 employees: 86,000
Annualized growth: 7.5 percent
7. Search engines
2009 employees: 29,530
Projected 2014 employees: 40,850
Annualized growth: 6.7 percent
8. New car dealers
2009 employees: 750,825
Projected 2014 employees: 1,033,679
Annualized growth: 6.6 percent
9. Court reporting services
2009 employees: 271,843
Projected 2014 employees: 370,993
Annualized growth: 6.4 percent
10. Mining, oil and gas machinery manufacturing
2009 employees: 45,169
Projected 2014 employees: 60,716
Annualized growth: 6.1 percent
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