The Services industry continues to expand at an unprecedented pace in the U.S. From San Francisco all the way to Texas, services supporting mining and oil/gas extraction are the fastest-growing in the country.
That being said, the U.S. economy has been on an upward trajectory trend for the last few years and other sectors have also been growing surprisingly fast.
Here are the 5 topmost high-growth industries:
- Engineering And Heavy Construction
Engineering and heavy construction projectshave been posting double-digit sales growth lately and rank among the top 5 fastest-growing industries.
Robust residential construction activities along with escalating construction spending as the country moves to modernize its aging infrastructurehave caused a spike in demand.
At the same time, industry watchers predict that the construction industry is going to pick up even more over the coming five years.
This isn’t surprising considering that the population is expected to continue rising ( projected to hit 338.0 billion in 2020) meaning builders can expect even bigger housing demand.
- Mining-support services
Auxiliary services related to mining have also been experiencing phenomenal expansion in the last couple of years.
From prospecting all the way to drilling and everything in between, the growth rates are outstanding.
This has been largely due to the promining agenda set by the Trump administration and despite the earlier pessimism, the sectors of gas and oil, mining (including coal mining and nonfuel) and nuclear energy have maintained impressive rates.
As expected, this has brought life to the entire mining ecosystem hence the boost.
- Beverage Manufacturing
The beverages manufacturing industry has also been making its stakeholders generating mindboggling revenues.
Processors including dealers in tomato processing and raw milk production have captured the minds of clients by producing better quality drinks while eliminating operational inefficiencies that has so often caused huge losses.
Some of the players have also been pushing natural beverage products to great success thanks to their nutritional and functional value message.
Consequently, these and popular alternatives to dairy products are predicted to grow at least by 10 percent in respect to volumes in the next 1 year according to available data.
- Other Personal Services
Individuals And Firms Offering A Variety Of Personalized Services Including Running Errands, Grocery And Related Household Task Management Chores Have Also Been Smiling All The Way To The Bank.
Business Concierge Services firms have been increasingly targeting private households and full-time corporate employees and not celebrities as it were in the past years.
This expansion in their clientele has brought drastic changes in the industry as revenues increase and more prospects turn to concierge services to simplify daily task management.
The industry has also benefited from the general decrease in average leisure time for the average American worker.
- Direct Selling Industry
Direct Selling Companies have managed to register growth over the past few years due to the strengthening of the national economy despite intense competition from all corners.
Online retailers, mass merchandisers, and department stores have threatened the future of the industry by providing substitute products at lower prices and on a wider scale.
However, higherdisposable incomes have propelled consumer spending as citizens have the resources to buy from direct sellers.
The U.S. economy has had a positive buzz in the last 2-3 years resulting in impressive expansion across the various industries.
Topping the list has been construction and engineering, mining support, direct selling, personal services, and beverage manufacturers.