Economy is ever changing and industries that were booming one day may completely collapse the other. Whether you’re looking to get a new job, start a new business, or you’re simply curious to find out where the economy is heading, you should keep an eye out for the industries that will grow in the near future.
Following, we would like to present you with a list we have compiled of the top 10 industries to watch in 2014, based on the statistics released by Sageworks. This financial information company conducted an analysis of financial statements of thousands of privately-owned firms in the US, so as to identify the industries which have registered the highest growing rates.
Although the recent growth of the following industries is not a guarantee that the trend will continue, this still remains a strong indicator that shows which industries are best performing at the moment. Nonetheless, if you’re looking for a new business idea, we recommend that you also take into account how profitable a certain industry can be. For example, support activities for mining, which ranked as first, is not only the fastest growing industry at the moment, but it is also one of the most lucrative. On the other hand, employment services, which also made our countdown of the fastest growing industries, is a significantly less profitable industry. With this being said, we fell that the ten industries on our list are the ones to be watched in 2014, given their recent track record.
Curious to see which industries have grown the fastest? Let’s take a look at the countdown.
No. 10: Employment services
Line of work: temp firms and placement agencies
Sales growth (12 months): 15%
No. 9: Personal & household goods repair and maintenance
Line of work: fixing home equipment, jewelry, furniture, leather goods
Sales growth (12 months): 16%
No. 8: Chemical & allied products merchant wholesalers and/or distributors
Line of work: basic chemicals, finished chemical products, and chemical products used for manufacturing
Sales growth (12 months): 16%
No. 7: Real estate
Line of work: offices of brokers and real estate agents
Sales growth (12 months): 16%
No. 6: Computer systems design and related services
Line of work: programming, systems design, systems integration, facilities management
Sales growth (12 months): 16%
No. 5: Other crop farming
Line of work: tobacco, sugarcane, hay, cotton
Sales growth (12 months): 18%
No. 4: Agriculture, construction, and mining machinery manufacturing
Line of work: general agriculture work and manufacture and construction of equipment pertaining to mining
Sales growth (12 months): 20%
No. 3: Beverage manufacturing
Line of work: manufacturing soft drinks or bottled water, breweries, wineries, and distilleries
Sales growth (12 months): 20%
No. 2: Oilseed and grain farming
Line of work: farming pertaining to wheat, corn, and soybeans
Sales growth (12 months): 20%
No. 1: Support activities for mining
Line of work: taking core samples, drilling, making observations at oil, gas, or minerals prospective sites
Sales growth (12 months): 21%
