Want a peek behind thecurrent economic malaise? Believe it or not, some industries areactually growing — some by double digits — at a time when we'resupposed to be thrilled over a 2 percent hitch in the GDP.
|According to a recent study by Sageworks Inc.,a group that tracks financial information for private companies,some industries have actually experienced significant growthover the last 12 months. They are:
|
- Technical and trade schools — 10.80%growth
- Home healthcare services — 10.14% growth
- Activities related to credit intermediation —9.06% growth
- Pharmaceutical and medicine manufacturing —8.95% growth
- Educational support services — 7.80%growth
- Outpatient care centers — 7.64% growth
- Individual and family services — 6.88%growth
- Data processing, hosting and related services— 6.84% growth
- Software publishers — 5.91% growth
- Community care facilities for the elderly —5.79% growth
I recently attended the Target Markets Program AdministratorsAssn. (TMPAA) meeting, which is less a convention or meetingin the traditional sense and more of a networking opportunity foragents, carriers and program administrators. Within an intimatesetting of 600 or so attendees, potential partners meet to discussthe nuts and bolts of current and future programs — which is prettymuch the wave of the future, given the current state of theproperty-casualty insurance market. Specialization has proven to benot just smart business, but a way to simply survive in businesstoday, for both agents/brokers and carriers. The agents I spokewith at the meeting testified to the fact that although theirbusiness growth was flat, things would have been even worse withouttheir specialty niches.
|So if your current specialties are in stuff like construction,housing or manufacturing, you might want to give a closer look tothe 10 industries listed above. In today's economic climate, theirgrowth can go nowhere but up.
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