By | Thomas Carey
As a fellow trader, you already know how great the 2008 crisis was. The impact of this crisis shook the whole trade market. Traders and investors were convinced that it will take more than a decade to bring the world’s economy back on track.
But with great effort, the US was able to cope up with the fallen economy. Millions of jobs were created to improve the GDP of the US. At the end of 2016, the US was back to its former glory with an 11.9% GDP rate.
It has been well over a decade since the great crisis. The US has become a self-sustainable nation. In the midst of a downturn economy, several companies flourished that supported in one way or another to boost US economy.
In this article, we have highlighted some of the major industrial sectors that have played an important role in boosting the economy.
- Health Care
The health sector was one of the leading sectors that have helped the US to fight back the financial crisis of 2007-2008. Within a short span of 6 years, this sector was able to create more than 2 million jobs. This improvement in the economy was almost 7 times faster than the currency economy rate at that time.
At that time, it was considered a miracle because in the year 2007 all the sectors were improving at a rate of 3% but the Health care sector was improving at a rate of 20%. Almost seven-time faster than in the other sector.
The technological sector is the next biggest sector that has helped the US economy in times of crisis. With a new study, it was stated that the jobs in the IT and computer sector will grow by 13% from 2016-2026.
With the introduction of new technologies like cloud computing and blockchain technology, demand for new working professional and programmers are growing in the market. The impact of the technology was so huge in the US that according to the Cyberstates 2018, it was one of the top industries as top contributors of the nation.
Blockchain technology is the most flourished technology. Today most of the money transfer apps use this technology. If you will look carefully, you might find this app in some of the old apps as well. Know more about the bitcoin future
Construction is yet another industrial platform that has shown rapid growth in these past few years. This construction sectors include both official and residential construction. As per the Bureau of labours statistics, the next 10 years might see a growth rate of 11% in the construction sectors.
With every year passing, the population is increasing so does the demand of jobs and residential areas. This has made the construction industry increase its construction projects.
Currently, the GDP rate of the retail industry is 6% and with overall market size of over $900 billion. With such a huge market, retail industry is currently the biggest employer of the United States.
According to the world atlas, more than 10% of US employees are in the retail industry. That means, currently, there are more than 42 million of employees working in the retail industry. And with the increase in GDP, there is also no need for the industry to hire seasonal employees.
The Bottom Line
It is thanks to the above-mentioned industry that the US economy was back to its former glory. It was due to the thanks of these industries that US economy was able to move forward. The technological industry has really helped the US to cope up with the digitalization. The technology industry was also able to harness artificial technology that becomes one of the leading fields of work in the technological industry.