What are the 2020 Fastest Growing Industries in the US?
What are the 2020 fastest growing industries in the US? Although the COVID-19 pandemic dampens business and social activities, US economic growth continues its blistering pace. With 3rd Quarter 2020 Gross Domestic Product (GDP) increasing by a record-breaking 33.1%, the US economy has been gaining ground lost to the pandemic. The initial pandemic closures resulted in significant economic losses with 2nd Quarter 2020 GDP declining by 31.4%.
The United States Department of Commerce Bureau of Economic Analysis attributes 3rd Quarter 2020 growth to businesses reopening and resuming activities that were postponed or restricted due to COVID-19.
Several industries also act as growth engines for the US economy. The 2020 fastest growing industries in the US reflect the impact of the COVID-19 pandemic, and to a lesser extent technology trends. IbisWorld reports that the top 10 as measured by revenue growth include:
- Massage Business Franchises
- Grocery Store Sales via Online Portals
- Pet Food and Supply Store Sales via Online Portals
- Hydraulic Fracturing Services (also known as “fracking”)
- US Stock Exchanges and Commodity Markets
- Autonomous Underwater Vehicles
- 3D Printing and Prototype Services
- Medical and Recreational Marijuana Farms
- Thermometer Manufacturing
- Medicines for Colds and Coughs
2020 Fastest Growing Industries on both 2019 and 2020 Lists
Interestingly, the only two industries that were at the top of the list in both 2019 and 2020 are:
- Massage Business Franchises
- Medical and Recreational Marijuana Farms
These two industries benefit from consumer’s shifts in perceptions. Many consumers spend more on luxury goods, and enjoy the therapeutic benefits of massage therapy. Consumers are also more accepting of legal access to medical marijuana.
The 2019 industries that dropped off the list in 2020 include:
- Social Networking Platforms
- Solar Power Installation and Production
- Wind Turbine Installation
- Online Mortgage Brokers
- Peer-to-Peer Lending Platforms
- Automated Guided Vehicle Manufacturing
- Telehealth Services
- Medical and Recreational Marijuana Retail Stores
What Trends Drive the 2020 Fastest Growing Industries?
One major trend drives most of the 2020 fastest growing industries: the COVID-19 pandemic. Online shopping accelerated dramatically in 2020. As retail stores closed or limited hours, consumers turned to online portals. Online shopping lets them avoid contact with other people. They can also find products that could be delivered right to their front door, so there is no need to travel to retail locations.
Medical product sales rose as consumers stocked up on medicines, thermometers, and other items to help them with illnesses as they avoided going to doctor offices. A major trend is for businesses and offices to take temperatures of staff and visitors, since that is an early sign of exposure to coronavirus.
Highlight on Autonomous Underwater Vehicles
What is an Autonomous Underwater Vehicle (AUV)? These are vehicles for conducting underwater research that are not manned by a pilot, and are not physically connected to another vessel with a line or tether. They operate independently, and some fully autonomous vehicles carry their own power in the form of batteries, fuel cells, or rechargeable solar power
The top AUV manufacturers include several with US locations, such as:
Boston Engineering Corporation (Waltham, Massachusetts, US)
Fugro (Nootdorp, the Netherlands)
General Dynamics Corporation (Reston, Virginia, US)
Graal Tech Srl (Genoa, Italy)
International Submarine Engineering Limited (Port Coquitlam, British Columbia, Canada)
Kongsberg Maritime (Kongsberg, Norway)
Lockheed Martin Corporation (Bethesda, Maryland, US)
Teledyne Technologies Incorporated (Thousand Oaks, California, US)
The ECA Group (La Garde, France)
What Should Job Seekers do About the 2020 Fastest Growing Industries?
People seeking a job should look into the 2020 fastest growing industries opportunities. A number of resources are available to learn about jobs in the AUV Industry. Professional networks such as Linkedin also have useful information on companies and contacts in this industry.
Job seekers may want to focus on a specific location such as Boston or Washington, and then target companies in those cities. It is a good idea to leverage professional career services to enhance job searches. Job seekers are more likely to find success in their search and objectives.
What Should Employers in the 2020 Fastest Growing Industries do?
Employers in the 2020 fastest growing industries should look into their needs for employees. Continuing economic growth creates stiff competition for job seekers with the necessary experience, education, skills, and training. They should review their relocation program to determine if the program supports their specific talent acquisition goals and corporate objectives.
Employers should work with a Relocation Management Company (RMC) that has knowledge and experience helping companies in the 2020 fastest growing industries. RMCs will help employers develop a relocation program that follows industry best practices and promotes their talent acquisition goals.
Industry Benchmarking Studies Help Employers Ensure Competitiveness
GMS has several Industry Benchmarking Studies that describe industry-specific best practices. These studies will help employers in the 2020 fastest growing industries learn if their company’s relocation program is designed to support their corporate objectives.
Corporate relocation policy benchmarking provides many benefits for employers. By benchmarking their relocation policy, employers can ensure their policy is comparable to their industry competitors. As a result, this will help them attract and retain talent with the highest level of skills and experience.
Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. A thorough policy review will help your company learn how the relocation industry continues to evolve to meet increased employee demands. During the COVID-19 pandemic, the demands of compliance for safety leads to rapidly changing requirements for both employers and employees.
GMS’ team of corporate relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers. As a result, our team can help your company determine how to attract job seekers looking for employment opportunities in the 2020 fastest growing industries.
GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.
New SafeRelo™ COVID-19 Knowledge Portal
GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:
- Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
- Comprehensive guide to national, international, and local online sources for current data
- Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews
Contact our experts online to discuss your company’s recruiting, hiring, and relocation program needs as they relate to the 2020 fastest growing industries, or give us a call at 800.617.1904 or 480.922.0700 today.