No one can predict the future, but anyone can see the demographic trends in America and how these trends will ignite certain industries.
The data is so certain that the Bureau of labour Statistics has predicted how many people will be hired in every industry by 2020. As a small business owner and entrepreneur, you have to find a way to tap into these growth industries.
Here are the 10 biggest growth industries, why they’re growing, and how you can get a slice of the pie:
- Management, scientific and technical consulting services: This industry is expected to grow 83 per cent by 2020. America’s biggest growth industry is focused on one thing: information. With increasing complexity in everything from finance to technology, companies will pay for knowledge. Do you or your business have valuable information?
- Services for the elderly and persons with disabilities: This industry is expected to grow 74 per cent by 2020. It’s pretty obvious that America is getting older, with the Baby Boom generation hitting retirement and technology helping people live longer than ever. It’s no surprise that in-patient facilities will be hiring. Does your business cater to elderly people?
- Home health care services: This industry is expected to grow 46 per cent by 2020. As with in-patient service, in-home nursing services for the elderly are growing.
- Computer system design and related services: This industry is expected to grow 45 per cent by 2020. The dot com boom is over, but there’s no reason new companies can’t tap into the growing use of computers in America.
- General merchandise stores: This industry is expected to grow 41 per cent by 2020. When you hear “general merchandise store,” you should think of Walmart. Walmart and companies like it are growing and you don’t want to get in their way.
- Offices of physicians: This industry is expected to grow 34 per cent by 2020. America’s ageing population needs doctors more than ever. We’re also — sorry to say it — fatter and more unhealthy than ever. Does your business offer good health?
- Nursing care facilities: This industry is expected to grow 24 per cent by 2020. Once again, an ageing population will cause growth in retirement homes. Are you tapped into the elderly market?
- Employment services: This industry is expected to grow 19 per cent by 2020. Unemployment is stuck around 10 per cent and isn’t expected to decline any time soon. That’s why companies that help other people find jobs are growing like mad. Does your business cater to the unemployed?
- Local government, excluding education and hospitals: This industry is expected to grow 8.4 per cent by 2020. As anyone who’s paid attention in the past two years knows, the government is growing faster than ever. Your biggest client in the next decade could be the large checkbook of Uncle Sam.
- Full service restaurants: This industry is expected to grow 7.5 per cent by 2020. Why restaurants? Perhaps it ties into the retirement wave, or it has to do with changes in American society. Either way, this industry is also poised for growth. Why not open a restaurant?
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.