Unemployment is down, job creation is up, and the housing market is back. American workers have weathered the economic storm and employers are projected to add another 8 million jobs in the next five years. While most industries are on an upward trend, CareerBuilder has identified five industries that are expected to experience the most growth.
Translation and Interpretation Services – expected to grow by 36%
One of the few industries unaffected by the recent recession is predicted to be the fastest growing industry in the next five years: translation and interpretation services. Driven by increased globalization, the industry includes organizations that offer translation and sign language services, and are most often found in government offices, schools, hospitals, and courtrooms.
Specialty Hospitals – expected to grow by 29%
Due to an aging baby boomer population, specialty hospitals are expected to see a boom in their bottom line. The Medicare Prescription Drug, Improvement, and Modernization Act defines specialty hospitals as those that primarily treat patients with a cardiac condition, an orthopedic condition, or those receiving a surgical procedure. And since boomers, who make up over 24 percent of the U.S. population, will increasingly require the care specialty hospitals provide, the industry is poised for tremendous growth in the next five years.
Residential Remodelers – expected to grow by 26%
When the housing bubble burst, residential remodelers took a huge hit. But as the housing market makes a comeback and analysts predict the upward trend to continue, residential remodeling services are predicted to be in demand. Not only are houses selling faster than they have in years, they are getting older: the median age of a U.S. owner-occupied home is 35 years old. If the economy continues to improve, bet on the middle- and upper-class to use their extra cash to remodel and renovate their aging homes.
Home Health Care Services – expected to grow by 25%
Since the average consumers of home healthcare services are 65 and older, this is another industry poised to benefit from the aging boomer population. Not only that, medical technologies are becoming more portable and patients increasingly prefer in home care. It all adds up to expedited growth for home healthcare services over the next five years. Which means skilled nurses, 24 hour home care, counselors, medical equipment, prescription drugs and medications will all be in high demand.
Wine and Distilled Alcoholic Beverage Merchant Wholesalers – expected to grow by 25%
America is experiencing a craft brew renaissance. Microbreweries are popping up is every major city in record numbers. Between 2007 and 2012, employment in breweries rose 17.2 percent; in 2014, craft beer accounted for 11 percent of beer sales in the U.S., up from 8 percent in 2013. Not only are craft beer sales on the rise, many states are relaxing so-called “blue laws” that typically restrict beer sales. With more beer to distribute and more days to sell it, this industry is expected to continue its accelerated growth.