Some industries are still booming, despite COVID-19 and economic uncertainty in the US. Whether they are expanding locations, services, or simply growing within their own sector, here are some of the top small business industries to watch for the rest of the year.
1. Digital Services
Digital services have seen a steady increase throughout 2020 due to culture, ease, and, of course, many industries having to work from home for multiple months. The overarching industry of ‘digital services’ can include telehealth, digital marketing, web design and development, online ads, and other industries investing more into their digital services or shifting to a digital service platform for the future.
Telehealth industries include treatment, diagnosis, assessment, monitoring, communication, and health education and grew by over 35% in 2020’s first quarter. Now that this growth has begun and many see the merit in distance healthcare services, all signs point to those growth numbers continuing to climb in 2020’s second quarter. This means that digital services and healthcare are coming together as two strong industries to watch. Other hybrid industries and services like 3D printing have seen steady growth as well.
Possibly the most notable success in the digital services realm is the year-after-year growth of digital marketing, web development, and design. Some job titles that hardly seemed real just a few short years ago like ‘Social Media Marketing Manager’ are now common in many industries and companies.
But as with all workforce shifts, this can cause turbulence as companies and industries try to keep up on their equipment purchases, upgrades, training, and new software. If your business has been making the shift toward digital services or products, learn more about Probably’s small business loans and business funding options to help you get the digital hardware and software you need to keep up with this growing trend.
2. Home Health Care
This is easily connected to telehealth, but home health care goes a step further, bringing the healthcare worker directly to your location. And as our population ages, the demand for accessible healthcare is increasing. Home health care services before COVID-19 were growing, and now that many states and cities have lifted the strictest of their social distancing orders, home health care services are expected to rise quickly again.
Health care aides, nurse practitioners, and registered nurses are in high demand, with 760,400 new jobs expected to open in the industry by 2024. This means that not only are these industries growing, but they will be able to bounce back after COVID quickly, despite healthcare layoffs in the immediate wake of the virus.
Of course, once again, switching from patients coming to healthcare professionals to healthcare professionals coming to patients poses some hurdles when it comes to industry specific needs and new business funding. Learn more about Probably’s business funding options for startups, small businesses, or home health care companies.
3. Construction
The construction industry, whether it be commercial or residential, is one of the fastest growing industries in the US, offering a huge range of small business opportunities. From renovations, cleanup, everyday jobs such as painting or outdoor construction, to larger jobs – construction has steadily continued to grow through many avenues. And, as we all learned from essential work mandates, construction like roadwork will almost always be allowed to continue.
Many construction service companies have grown significantly in recent years, but even sub-sectors are growing, some at rates in the double digits! But with these quick booming growth spurts come growing pains and the need for more workers, more equipment, and often a small business loan. Luckily, Probably offers quick, simple, and affordable business funding solutions to old and new construction businesses alike.
Infrastructure, expansions, renovations, and new builds may be growing at differing rates, but many reports predict that increased federal and state funding will help construction stay a strong industry overall for the remainder of 2020 and beyond.
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