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One of the most enlightening ways to take the pulse of the economy is to look at the industries that are growing at faster rates than others. It can also give us an idea of our priorities at any given time. Here’s a look at some of the fastest growing industries in the country and what insight that growth may offer.
Hospitality and Travel
It may not be a surprise that Americans are getting out and about. This is good news for hotels, resorts, cruise lines, airlines, car rental services, and other travel and hospitality-related industries. Unfortunately, part of the reason for the massive increase is that this is an industry that was hit so badly by the pandemic.
While this field was traditionally dominated by newspapers, broadcast TV, broadcast radio, and cable TV, it now includes competitors like digital and social media, blogs, podcasts, videos, and video streaming. Digital marketing is extremely targeted, effective, and trackable. It is also more accessible to smaller businesses.
Security Related Services
Security has become an increasing concern for families and businesses, and this is translating into a booming business sector. While security includes cameras and alarms, it also includes monitored services and in-person security. Security-related products can include locks, shatterproof windows, and doors and fences. People are taking steps to feel safer, and security and security-related products are benefiting.
In some areas of the country, there is almost a perfect storm when it comes to increasing home prices. Large investors are buying single-family homes. Working from home has made it possible for many to live and work from almost anywhere; interest rates have been favorable; and there are more buyers than sellers. Late-arriving millennials are also moving into home ownership, adding even more demand.
If your business is related to one of the above, odds are you are currently doing well. It could be time to look into reviewing your business insurance. Business insurance can protect your assets, your income, and provide liability coverage. Contact one of our independent business insurance agents and request your free review and price quote. We look forward to assisting you.