Growing and Shrinking Industries in 2020

To state that 2020 has been a strange year would be an understatement. The highest number of people since the Great Depression have lost their jobs, and some industries will be permanently smaller than before. Smart job seekers whose industry is shrinking or has drastically shrunk this year are asking themselves what industry to move into.

I’m Katherine Akbar, the president of YES Career Coaching & Resume Writing Services. In this video, I will share which industries are shrinking and which are growing. This should help those in career transition determine what to do next.

Let’s start with shrinking and contracted industries. Obviously, retail has been hard hit and not only by coronavirus. Online shopping has devastated both department and specialty stores. Only the freshest, best-run stores are likely to make it through 2020 intact. But not all stores are suffering. Those offering groceries are doing well and can be expected to be stable.

Also obviously, restaurants, conferences, and entertainment have been hard hit. Restaurants are now open again but only at half capacity. Most restaurants cannot profitably run at half capacity and will soon be out of business. Likewise, entertainment, sports, conference, and vacation businesses that depend on crowds will be shut down for a while. They may not fully recover for years, as people will likely think twice before putting themselves in the proximity of so many germs.

Manufacturing and energy are way down. The U.S. economy continues to shed jobs to countries where labor is cheaper and easier to abuse. And because the surviving U.S. factories had to shut down due to stay-at-home orders, oil and gas prices went into the negative. Will they bounce back? Probably yes. However, the carbon-based sector is vulnerable to policy changes because of its environmental impact.

Finally, newspapers and magazines are in trouble. Written media were already suffering from the availability of free news content on the Internet. Then when businesses cut back their expenses, they were hit by loss of the advertising revenues that normally sustain them.

So which industries are growing fastest in 2020? Number one is actually 3D printing and prototyping. This is a good area for those in manufacturing and supply chain management to gain skills. Fracking is also growing fast, but because of its environmental impact will be subject to changing policies.

The military-industrial complex is alive and well, and autonomous underwater vehicle manufacturing is very strong there. This could be a good choice for engineers and the like.

The marijuana field is growing fast, as medical and recreational marijuana become decriminalized and legal in many states. This includes both growing and selling. And imagine the office holiday parties!

Meal delivery and meal kit delivery are growing fast too and resistant to pandemic disruption. This could be a good field for those with an interest in health or transitioning from restaurant jobs.

Software development continues as a strong field in the DC area, due to the fact that the government never runs out of money for long. It’s also growing in the commercial sector and can be done remotely.

And of course, healthcare-related work is booming. This includes physical health, mental health, lab work, pharmaceutical and vaccine development, and public health. Some but not all of these jobs involve personal risk.

Finally, the federal government remains a strong choice to consider now due to the benefits and job security it offers. The federal government has over 16,000 jobs open right now, many of them created by COVID-19-related needs.

If you want us to write you a USAJobs-style federal resume, we are the nation’s top-rated company for that. If you want to transition to a new career, we have a reasonably priced, job-offer-guaranteed package for you.

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