Top 10 Industries in the U.S. Right Now
The pandemic has brought about sweeping changes across numerous industries, impacting the way business is conducted worldwide. Some companies have had to shift their entire workforce to a remote setting, while others have had to deal with the changing demands brought on by the pandemic.
Let’s take a look at the economic, business, social and other shifts people took when the outbreak was first announced. Then, we’ll take a look at innovative, creative, and optimistic business solutions and strategies that have played an important role recently.
1. Retirement and Pension Planning
According to IBIS World, retirement and pension planning are two of the top industries in the country right now by revenue, already raking in about $1.3 billion in 2021. The industry saw a decline in 2020 but is expected to make a comeback once the threat of the pandemic is over.
2. Fast-Food Industry
The fast-food industry is among the fastest-growing industries in the U.S. right now, with the explosion of growth happening just after news of the pandemic was announced. Then came contactless delivery options that made it easy to get the food you want while staying indoors. While some people continue to use contactless delivery as the pandemic slowly starts to be contained, others are taking it even further and going out to eat.
3. Individual and Family Services
Individual and family services include social assistance and usually involve providing non-residential assistance to children and youth. Such services include foster care, adoption, drug prevention, life skills, and social development, which are even more necessary now than ever, as individuals and families face the threat of eviction and losing their jobs across the country.
4. Drug, Cosmetic and Toiletry Wholesaling
The drug, cosmetic, and toiletry wholesaling industry has been thriving since the pandemic began. Just because people are staying home doesn’t mean they don’t need to look, smell, and feel good, which is likely the reason for this boom.
5. Automotive Industry
The automotive industry is another fast-growing industry for 2021, with more than $978 billion in revenue thus far from new and used vehicle sales, repairs, maintenance services, and insurance. As the world begins opening back up, automotive sales should continue to see growth throughout the year.
6. Home Services
With countless Americans working from home and children navigating the world of distance learning due to the ongoing pandemic, more time spent at home means greater usage of electricity, water, and gas, along with rising utility bills. Of course, that means these overrun systems require ongoing maintenance and repair. As such, the need for essential home services, such as plumbing and HVAC, has risen in the last year.
7. Pharmaceutical Industry
Big Pharma has raked in about $978 billion in 2021 so far and revenue is expected to continue to increase, as the need for vaccines continues to be a necessity. With three vaccines now available — and potentially others on the way — more and more Americans will get in line to safeguard themselves and their families from contracting the coronavirus throughout the calendar year and perhaps beyond.
8. Life Insurance and Annuities
Life insurance has produced about $723 billion thus far in 2021, but was expected to see a decline in 2020 because of rising unemployment and lower investment income. Life insurance likely increased due to the pandemic and the uncertainty people were feeling at the height of the pandemic.
9. Property, Casualty and Direct Insurance
This industry has been severely impacted by COVID-19 due to the demand for key policies, such as partial refunding of premiums for auto policies and workers’ compensation. However, the industry is expected to bounce back once the threat of COVID has passed.
10. Commercial Banking
The commercial banking industry is still one of the top industries in the U.S. despite declining interest income from lower loan volumes. A decrease for demand for credit card loans is expected as people tighten their belts during the pandemic.
Innovative Solutions Have Kept the Doors Open
The pandemic has uprooted our lives, causing us to shift not only the way we do business but also how we live our lives. As you can see, innovative, creative, and optimistic business solutions and strategies have played a significant role in our response to this pandemic for the better.