The COVID-19 pandemic has caused some economic downturn for certain sectors; the Federal Reserve reports that gross domestic product was down nearly 33% in the second quarter of 2020 compared to the first quarter, and personal consumption was also down nearly 35%. While certain industries have been more heavily impacted, others are booming.
If you’re considering starting a business or you want to grow your sales and profits, these three fastest-growing industries 2020 have survived despite the current challenges, according to the U.S. Chamber of Commerce.
Many office employees have transitioned to working from home during the pandemic, which has increased the demand for professional services, like IT service providers. For example, IT service providers can help provide these employees with the right technology and access to internal networks. They’re also able to help companies implement new systems and provide tech support when needed.
Tutoring is also another professional service in demand. Many private tutors have helped students stay on track during the pandemic, especially since a majority of schools transitioned to remote learning,
Another service that saw large growth is professional cleaning. With fears surrounding the spread of COVID-19, offices, restaurants, and medical facilities needed professional sanitizing services.
Telehealth and Home Healthcare
Many healthcare providers closed their offices to non-COVID patients, but that didn’t stop people from having medical situations that required help. To address their needs, many patients used telehealth companies to connect with doctors or therapists via computers or phones. In fact, requests for telehealth services increased by about 50% nationwide, according to CNBC, making it poised to be one of the fastest-growing industries next decade.
Home healthcare had already been increasing in demand due to an aging population, but the pandemic created a much greater need. According to Home Healthcare News, service requests are expected to boom as more people are choosing to age in place as a result of COVID-19 outbreaks at long-term care facilities. Home care providers will be needed for patients who will require more assistance. And some home care companies are expanding services to include temperature checks, transportation and grocery pickups.
Construction and Landscaping Services
With people staying put, many homeowners decided it was time to spruce up their residences, which made home improvement one of the fastest-growing industries 2020. According to the home renovation site Houzz, requests for home professional leads increased by 58% during June 2020 as compared with the same period in 2019. The most popular search was for pool and spa professionals, whose demand grew to three times as much as last year. Searches for landscape contractors and deck and patio installing professionals more than doubled. Kitchen and bath remodelers experienced a 40% increase in demand.
Commercial construction initially saw a slow down during the beginning of the pandemic, but the future looks bright for this sector, too. According to the U.S. Chamber of Commerce, 60% of contractors have a backlog of projects of at least six months, 83% say their revenue will increase or remain about the same next year, and 75% have moderate or high confidence that the next year will bring sufficient new business opportunities.
What It Takes to Thrive
The common thread with the industries that are booming is that they serve the new needs of the American population, and they’ve pivoted their business models to the new ways of doing business. For example, tutors and IT professionals used video conferencing platforms like Zoom to offer their services remotely. Home contractors met with potential clients using video, too. Construction and cleaning services took extra precautions with personal protective equipment to keep clients and employees safe and shared their new procedures on their websites and through social media in order to educate customers.
While no one expected the pandemic, businesses that can stay relevant and anticipate the new needs of their customers have a greater chance of surviving. By thinking today about what customers will want post-COVID, you can help set up your business to be one of the fastest-growing industries over the coming years.