10 Fastest Growing Industries In The U.S
According to new data from Sageworks a financial information company, services that back mining and oil or gas extraction represent one of the fastest growing industries in the USA. All of these industries include small companies that contribute to every aspect of the specified job. This year, the top 10 fastest growing industries in the USA are:
1. Support mining for activities with 44.9% growth in sales
2. Other Heavy And Civil Engineering Construction at 17.1%
3. 17.1% in Beverage Manufacturing
4. Other Personal Services with 16.5%
5. Direct Selling Establishment had a growth of 16.0%
6. Building Finishing Contractors came at the sixth position with 15.5%
7. Offices of Real Estate Agents And Brokers had a 15.1% growth
8. Miscellaneous Durable Good Merchant Wholesalers had 15.0%
9. Specialised Freight Trucking came second last with 14.9%
10. At last is Architectural, Engineering and Related Services with 13.7%
Based on a financial statement analysis on privately held companies several construction industries are also on the top of the list with the highest sale growth in 2017. Architectural and engineering firms, building finishing contractors, and companies involved in heavy construction, engineering projects other than roads and buildings (such as marine or dredging facilities) all of them posted double-digit growth in sales and are ranked in the top 10 fastest growing industries in the USA.
In the recent years, there is a lot more diversity. Construction companies are leveling off the peak after being dominating in numerous areas, this could be so because of the strong growth in other industries. Mining assisted services have experienced a 44.9% sales growth in 2017 which is another one of the fastest growing industries in the USA. This information is as per the financial statements of companies in sageworks database. When talking about mining support services, it includes investigating to drilling.
The main reason it sets it aside from the others on the list and the previous year’s is the 40 percent year over year growth rates. The reason could be the convergence of demand and limited supply, but we are not really sure of what’s its cause. Actual firms engaged in mining, gas extraction or oil are not really included in these industries, it consists of those services that lead up to them. The class of support activities for mining has driven a major jump in the overall employment for mining, since October 2016. The number of employment since 2016 has increased by 87,000 and 7,000 of them was in this April itself.
On the second place comes Heavy and civil engineering construction. Out of the 10 fastest growing industries in the USA, last year seven were tied to construction, only a few of them made it to this year’s list. Real estate agents and brokers grew sales at 15.1% and building finishing contractors had a 15.5 percent growth in the sales of 2017 on average. It’s an interesting fact how these industries spread all over the real estate life cycle, all the way from infrastructural development to buildings finishing services.
Some of the major industries that were on the list last year didn’t make the top 10 for growth sales list this year such as computer system design and related services, which was ranked the top. But the sales didn’t stop to grow at an average they grew by 11.9 percent in this very year, but not enough to make it to this years list and keeping it outside.
Computer system designing and related services could not make it to this years list because most of its sectors have been explored except the growing aspect of it. The growth is still pretty good as it is still 9 percent average above for all industries during 2017.10 Fastest Growing Industries In The U.S Click To Tweet
At the third place acquiring bronze as one of the fastest growing industries in the USA is the Beverage Manufacturing Industry. When beverage manufacturing is mentioned it includes all types of beverages from Breweries to water bottles to soft drinks. When you see the elevation in taprooms and microbreweries, it is not hard to notice the manufacturers closing up to the top of the list.
On an average according to the financial statement analysis manufactures of beverages sales have increased by 17.1 percent in 2017. This is one of the fastest growing industries in the USA as the consumption of beverages keeps increasing.
Sageworks gathers and aggregates the financial statements for certain private companies from accounting firms, credit unions and banks. The net profit margins have been adjusted to include owners compensation in their excess and salaries at market-rates. These adjustments are made in order to get a more clear picture of the companies accurate financial standards and operational performance, and they are commonly done to private companies.
At last, on the list comes Architectural, engineering outsourcing and other related services of buildings designing which also rank as the fast-growing industries in the USA. This helps in cost cutting for companies and small companies conduct these activities. The growth of these companies usually depends on the infrastructural development and growth of other companies.
When they expand they require buildings, plants, etc. when Architectural, Building and related services are specified, it includes everything from the engineering aspects of designing to nails. All these activities are under demand when buildings are built for companies, etc.
Apparently, according to the census bureau, about 6,000,000 companies are there in the US, and approximately 6,000 of them are public. Which means that roughly around 95 percent are private companies. 2017 was a healthy year for businesses, but even after that optimism of small businesses is at high ranks. Business owners in this year 2018 still continue to report stronger and improved sales. This year they are one of the fastest growing industries in the USA.
Small businesses are booming without a doubt. Economists said The new tax law and lower regulatory barriers in the US are all promoting the surge in the optimism overall. Every year companies sales grow, most of them depend on the demand of that product or service. The companies that are stated above made it to the top ten because the public had a demand for those commodities or the services that contributed towards manufacturing of the product.
Today, mining services are at the top of the growing industries in the USA because of the demand for oil and petroleum as they are in use for cars, planes, machines, generators, etc. When the trend changes or the technological world develops, the demand for this will fall down, and the demand for the new technology will increase.
E.g., now people use cars and generators that require petrol, but in the future when solar panels, electric vehicles develop, the use of petroleum will fall and so will the demand. On the same side, the demand for solar panels and all the products that put together the electric car will be more in demand. The sale of every product or service in the business world depends on the consumer’s demand for it.
In short, if you are planning to open a company in the US, you can pick up one of these industries to start a business in. And since these industries are booming, your business would begin to earn profits within a short period of time. For help with the incorporation and registration of your business in the USA, contact IncParadise today!