fast growing industries

Topics: Construction, Industry, Manufacturing Pages: 18 (2141 words) Published: October 27, 2013
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Special Report April 2012   1

Top 10 Fastest-Growing Industries

Special Report
April 2012

Top 10 FastestGrowing Industries
By Lauren Setar & Matthew MacFarland

With environmentally friendly practices or technological advances, these industries are outpacing the economic recovery.
Consumer
concerns about
health and the
environment
bode well for
some industries

Across the United States, industries,
businesses and consumers are climbing
out of the Great Recession’s lows. US
gross domestic product is forecast to
grow 3.3% per year over the next five
years, a welcome change from the
meager growth of 0.6% per year
between 2007 and 2012. Some
industries, however, aren’t just
recovering – they’re flourishing.
IBISWorld has compiled a list of
these standout industries based on
their contributions to the economy as a
whole (measured as industry value
added), absolute revenue growth and
establishment growth over the past 10
years, as well as performance expected
through 2017. Whether by focusing on
environmentally friendly practices and
operations or benefiting from
technological advances, these
industries are expected to continue
their meteoric rise and far outpace the
rest of the economy.
Thinking green
Over the past decade, the dramatic rise in
energy costs and an increasingly vocal,
environmentally conscious public have
led to the growth of green industries. The
Solar Panel Manufacturing industry has
been at the forefront of the green
industrial movement with average annual

revenue growth of 32.3% from 2002 to
2012, including expected growth of 9.4%
in 2012. As the federal government looks
to reduce the United States’ dependency
on fossil and other non-renewable fuels,
green energy firms have reaped the
benefit of substantial subsidies. Without
assistance, solar power generation firms
would have little chance against
entrenched, traditional fuel sources.
Moreover, falling silicon prices have
allowed US firms to compete with
low-cost manufacturers abroad. Over the
next five years, revenue for the Solar
Panel Manufacturing industry is expected
to continue expanding at an average rate
of 8.2% per year.
The construction industries were early
victims of the Great Recession, but the
Green and Sustainable Building
Construction industry capitalized on the
green movement and weathered the
downturn well. Since 2002, industry
revenue has experienced annualized
growth of 28.9% and anticipated 18.3%
growth in 2012. Firms in the industry
construct energy-efficient buildings that
are often largely composed of sustainable
materials. Aided by local and state
building codes that promote the use of
energy-efficient building design and
materials, demand for green construction
has skyrocketed. Government programs

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Special Report April 2012   2

Top 10 Fastest-Growing Industries

like Leadership in Energy and
Environmental Design (LEED) and
Energy Star have also driven demand
forward. Over the five years to 2017,
revenue for the Green and Sustainable
Building industry is expected to grow at
an average annual rate of 22.8%.
Taking care
Along with their heightened concern for
the environment, Americans are
increasingly seeking ways to become and
stay healthy. Consumer awareness of the
harmful effects of UV ray exposure and
the prevalence of skin cancer has led to
the rapid emergence of the Self-Tanning
Product Manufacturing industry, which
has experienced average annual revenue
growth of 22.7% per year since 2002.

With the dangers of tanning beds
foremost in many consumers’ minds – a
study by the National Cancer Institute
found that tanning lamps and beds can
more than double the risk of skin cancer
– self-tanning products have become
more popular. Heightened interest in
such products has led to more
innovation. Today’s...
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