Although the growth of industries tends to vary based on economic conditions at the time, a 2012 estimate by IBIS World projected the fastest-growing industries in the US to be mainly related to the Internet, health and the environment. The social media gaming industry grew by an average of 128% annually from 2002 through 2012, which was thought to be because of the need for low-cost entertainment options. Other fast-growing US industries were also online, including eyeglass and contact lens retailers and for-profit colleges. The health industry grew throughout the Great Recession and was projected by IBIS World to continue to grow — particularly the yoga, self-tanner and generic pharmaceutical drugs industries.
More about the fastest-growing industries:
- Environmentally friendly construction — also known as green construction — tends to be more expensive than traditional construction, but it was the second fastest-growing industry in 2012, partly because of government subsidies.
- The hot sauce industry was among the 10 US industries with the fastest growth from 2002-2012, with revenues that increased approximately 9.3% per year. This growth was thought to be a result of immigration and increased demand for ethnic foods.
- Advances in three-dimensional printing, such as for medical ultrasounds and aerospace-related parts, contributed to it being one of the industries projected to grow the most quickly after 2012.