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Top 10 fastest-growing industries in the United States

By Catholic Online (NEWS CONSORTIUM)
April 19th, 2012
Catholic Online (www.catholic.org)

The production of hot sauce, self tanning products and solar panels are among the fastest growing industries in the U.S. Hot sauce production in particular is seen as a burgeoning industry. According to a recent report by IBISWorld, self-tanning products are also creating a profitable niche market.

LOS ANGELES, CA (Catholic Online) - Most of the industries comprising IBISWorld's list are perhaps more expected. Generic pharmaceuticals is the fastest-growing sector, experiencing average growth of 9.6 percent for the last ten years, rendering it a nearly $53 billion dollar industry. Far less expensive than patent-protected brands, generic drugs have become popular with expensive health care costs.

There's a serious side to these growth industries, far beyond fads and passing fancies. For example, the rise of drug alternatives shows how consumers are increasingly prioritizing health-related concerns. The boost in awareness of the relationship between UV-rays and skin cancers may also explain the fast growth in the self-tanning products sector. Self-tanning products are slated to increase its revenue by another 18 percent this year, IBIS reports.

Not surprisingly, environmental concerns have also emerged as a major economic motivator. There also the subsequent worries over the country's dependency on fossil fuels have had lawmakers emphasizing energy alternatives.

Subsidies from Obama's energy stimulus bill have helped green technologies sustain growth in the face of decreased European demand and competition from China, as witness the $4.6 billion dollar industry of solar panel manufacturing leads the trend, according to IBIS.

One surprising sector that made the list is for-profit colleges. Heightened competition and rising tuition costs at private and public universities have made the options such as DeVry and University of Phoenix attracts more students. It must be noted that enrollees at for-profit schools reportedly wind up with fewer post-graduate options and more debt.

Here are the top ten fastest-growing industries:

10. Online Eyeglasses Sales
9. Green and Sustainable Building
8. Hot Sauce Production
7. Social Network Game Development
6. 3-D Printer Manufacturing
5. Self-Tanning Product Manufacturing
4. Pilates and Yoga Studios
3. For-Profit Universities
2. Solar Panel Manufacturing
1. Generic Pharmaceuticals

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Article brought to you by: Catholic Online (www.catholic.org)