With the United States set to head into an election year one of the most important considerations for many voters will be the state of the economy.
Generally speaking, the US economy has been relatively stable in recent times despite the ongoing controversy over Donald Trump’s presidency.
Unemployment is at its lowest level for 50 years, while many sectors of industry are enjoying steady financial growth.
There are numerous areas of business enjoying spectacular growth, with some set to continue booming over the coming year. We look at some of the fastest growing businesses in the US.
Wind powering huge industrial growth
The wind turbine installation industry has grown by more than 50 percent over the past five years, generating $3 billion in annual revenue by the end of 2018.
Government incentives for renewable energy have sparked the huge increase, leading to a rise in the construction of wind power farms across the US.
The installation sector alone employs in the region of 11,000 people and experts have predicted that the figure is expected to keep rising.
Statistics released by the American Wind Energy Association (AWEA) showed that the wind power industry now has a record 114,000 people working within it.
Tom Kiernan, CEO of AWEA, said: “Wind power’s record-breaking year shows our industry is leading the way to a cleaner, stronger twenty first century US economy.
“America’s least expensive source of new electricity generation is also clean and inexhaustible, which gives our economy an edge in the global marketplace.
“We are proud to report the wind industry employs a record number of Americans, supports a robust domestic manufacturing sector with over 500 factories, and contributes over a billion dollars a year to states and rural communities.”
Sustainable farming on the rise
It is a common misconception for people to think that all types of farming have a positive impact on the environment.
The reality is somewhat different, with many traditional farming practices done ways that are far from eco-friendly.
Awareness of the benefits of sustainable farming is on the rise, with the industry and consumers becoming increasingly switched onto the modern way of doing things.
Generally speaking, a sustainable farming system is one which treats the earth, animals and people in and eco-friendly manner.
It promotes better health and wellness for the public and implements improved economic structures for the farmers.
Cove Creek Farm in Tennessee is a great example of sustainable farming in action, with the family-owned firm changing the culture of meat production in the US.
As opposed to using a Concentrated Animal Feeding Operation (CAFO), Cove Creek uses the lush pastures of the Cumberland Plateau to rear top quality Red Devon cattle.
The meat they produce blows CAFO system products out of the water in terms of nutritional value, while their processes are proven to be kinder to the environment.
Cove Creek’s rotational grazing techniques ensure that the land on which they are based remains healthy and productive all year round.
Solar power shining brightly
The solar power industry is another sector which has benefited from favourable government incentives over the past few years.
With consumers increasingly eager to use energy in their households from renewable sources, experts are predicting that the industry will continue to boom for years to come.
Iowa-based company Moxie has grown rapidly since entering the solar power sector back in 2008. From small beginnings it now employs around 100 people and is on the lookout for many more.
Company founder, Jason Hall, has already expanded operations into other states, leaving Moxie looking at an extremely bright future.
“There’s never been a better time, from an economics point of view, to purchase solar,” he said.
“We’re kind of creating our own sales markets at this point, so as we add sales people and locations, we just naturally continue to grow.
Social networks tipped to keep expanding
With the likes of Facebook, Twitter, Instagram, LinkedIn and other social networks finding new ways to monetise their platforms, the industry looks set to grow for the foreseeable future.
Millions of people in the US are active on social media, giving potential advertisers a captive audience for targeted marketing campaigns.
The industry is now worth $34bn and Wharton marketing professor, Pinar Yildirim, believes that figure will continue to rise as people embrace social networking sites even further.
“We are used to being in contact with more individuals, and it is easier to remain in contact with people we only met once. Giving up on this does not seem likely for humans,” she said.
“The technology with which we keep in touch may change, may evolve, but we will have social connections and platforms which enable them.
“Facebook may be gone in ten years, but there will be something else.”
Share
Contributors
