There are a variety of factors that determine how well an economy is doing and what to expect in the future. For example, an increase in the number of gross domestic output from various industries is a sign of growth. However, not all industries perform well. Others are either failing or stagnant depending on the demand of goods and services from those industries. This article is going to discuss the most promising industries and how they are likely to influence the economy.
Industries with a Bright Future
1. Construction Industry
According to a report by the Equipment leasing and Finance Foundation, the construction industry has a bright future. Most contractors are confident that the number of infrastructure projects shall increase motivated by a rise in the demand for housing. The tax reform bill will also contribute towards this growth as experts predict that investors shall increase investment in the construction industry using money from the tax savings.
2. Mining Industry
The mining industry continues to grow at an average rate of 40% every year. The sector has created numerous employment opportunities according to the Federal Bureau of Statistics. With the OPEC on the verge of collapse, there is going to be more demand for US oil, which means that more people might be employed in the sector. There is also the aluminum and steel tariffs meant to support American miners. There is a likelihood that domestic production of these metals is likely to increase.
3. IT Industry
The recent developments in artificial intelligence, machine learning, the internet of things (IOTs) proves that the future of the IT industry is bright. The self driving cars under development from top automakers and tech firms are the brainchild of artificial intelligence. These cars are supposed to learn from the driver and execute certain tasks automatically. Robots that are meant to ease the workload of humans are also in development thanks to machine learning.
4. Manufacturing Industry
The manufacturing industry is not dead as most people would have you believe. It is true that there are 3d printers that can create 3 dimensional objects, but that doesn't mean that people are going to do away with factories. The manufacturing industry has a bright future because the demand for material things is increasing. As more millennials enter the job market, the demand for electronic gadgets and energy saving items, such as solar panel cost, is expected to rise. It means that factories will have to produce more to meet the demand.
5. Biotech Industry
With the demand for alternative remedies to illnesses growing, the biotech industry shows promise. There is ongoing research about how gene therapy can be used to heal certain diseases. The industry has also adapted to the rapid spread of innovation. In order to cut costs most biotech firms are sharing intellectual property and R&D information. The increased collaboration shows that the industry has no signs of slowing down.
6. Healthcare Industry
If the number of investments in a certain industry increase, it means that that industry has potential. Major tech companies have put money into research to see how artificial intelligence can be used to improve patient outcomes. These companies believe that if all medical information was stored in a machine, and the data analyzed through machine learning, diagnosis would be easier and faster.
The mentioned industries have a bright future because they show great economic potential. In all these industries, innovation stands out as the main driving factor for progress and positive change. Another factor that makes these industries have great potential is the availability of investors. There are firms willing to put money into these industries to guarantee their prosperity.