6 of the Fastest Growing Industries in the U.S.
Some people might argue that there aren’t any industries booming in the U.S. Well, they would be wrong, even though the nation recently went through a recession. Whether you’re looking to change jobs and start fresh in a growing industry, or want to invest your hard-earned cash in one, there are plenty of options available to you.
With that said, here are six of the fastest growing industries in the U.S.
Generic Pharmaceutical Manufacturing
The generic pharmaceutical industry comprises of the manufacturing and marketing of specific medications that have the same active ingredients as brand-name medications. The biggest benefit of generic medications is they’re much cheaper than brand-name, which is something that many Americans are seeking today to save on prescriptions.
The industry generated about $52.8 billion in revenue in 2012, and that number is predicted to increase to more than $72 billion by 2017. The major companies in the industry include Teva Pharmaceutical Industries Ltd., Watson Pharmaceuticals Inc., Sandoz Ltd., and Mylan Inc.
Solar Panel Manufacturing
It’s predicted that new solar photovoltaic technology will rival or surpass the growth of wind energy in 2013, as demand continues to increase and industry consolidation continues to brighten forecasts for solar manufacturers. The Bloomberg New Energy Finance projects an increase of 20 percent in the annual rate of solar installations in the future, while wind power slows by 25 percent.
The industry generated about $4.6 billion in revenue in 2012, and that number is predicted to increase to almost $7 billion by 2017. The major company in the industry is SunPower Inc.
Pilates & Yoga Studios
Despite competition from popular gym brands across the nation, Pilates and yoga studios have become one of the biggest booming industries in the nation. Not only are people becoming more aware of the consequences of poor dieting, but they’re also realizing how a lack of exercise affects the body and mind. Sure, running and going to the gym is always an option, but people are always looking for a new and more exciting way to stay in shape.
The industry generated about $6.9 billion in revenue in 2012, and that number is predicted to increase to more than $8.6 billion by 2017. There aren’t any major companies taking over this industry – yet.
3D Printer Manufacturing
The 3D printer manufacturing industry produces printers. These printers are then used to create three-dimensional objects by laying down consecutive layers of material. This new technology is only in its beginning stages of production, but product developers are already able to design and print different items that are used in other industries like automotive and construction.
The industry generated about $1.7 billion in revenue in 2012, and that number is predicted to increase to more than $3.2 billion by 2017. The major companies in the industry include the 3D Systems Corporation, Stratasys Inc., and the Z Corporation.
Hot Sauce Production
Believe it or not, hot sauce production is one of the biggest industries in the U.S – and it’s not going anywhere any time soon. Much like ketchup has been for years – although, salsa recently surpassed ketchup in sales – hot sauce is becoming a staple condiment in American kitchens, showing no signs of cooling down. As you might know, this industry manufacturers sauce from hot chili peppers and other ingredients. These products are then packaged and shipped to grocery wholesalers, specialty food stores, and supermarkets.
The industry generated about $1 billion in revenue in 2012, and that number is predicted to increase to more than $1.3 billion by 2017. The major companies in the industry include the McIllhenny Company and Reckitt Benckiser PLC.
Green & Sustainable Building Construction
Many American contractors coming back from working contracting jobs in the Middle East are finding new jobs back home in green and sustainable building construction — this construction sector has grown an average of 10 percent between 2010 and 2012. The primary objective of this industry is to build energy-efficient structures, like LEED-certified buildings, using sustainable materials made from recyclable goods and plastics.
The industry generated about $103 billion in revenue in 2012, and that number is predicted to increase to almost $288 billion by 2017. The major company in the industry is The Turner Corporation.
If you need a new career or want to make money, consider these six industries.
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