Published 22 hours ago
on July 29, 2021
By Jenna Ross
Today, the U.S. economy looks very different than it did hundreds of ago. While railroad stocks dominated in the 19th century, industries within technology and healthcare have grown substantially in recent years. As dynamics continue to shift, what will be the fastest growing industries of the future?
In this infographic from New York Life Investments, we uncover the industries projected to see the fastest growth rates over the next decade.
The U.S. economy is growing. From 2019 to 2029, total industry output is expected to rise by more than 20%.
Output is the value of final goods and services, as well as intermediary sales that are not typically included in GDP. In this case, output is based on chained 2012 dollars, which is a method of adjusting real dollar amounts for inflation over time using 2012 as a base year.
Below, we count down the fastest growing industries from 2019 to 2029, according to projections from the U.S. Bureau of Labor Statistics.
This industry is defined as facilities where the patient is not required to stay overnight, such as:
As patients demand more convenient and less expensive care, the popularity of outpatient care centers has grown. Advances in medical technology, such as minimally invasive surgeries, also allow for same day release. Here is what projected growth looks like for the industry.
Compound Annual Growth Rate3.2%
However, investors may want to consider that health care leaders say implementing information technology (IT) is their greatest challenge.
Companies that primarily provide IT expertise fall within this industry. Here are some examples: