Four Business Sectors Growing in 2017 - Jinz Haiggh Blog

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Four Business Sectors Growing in 2017

The year has been a year of big changes for the United States. With the surprise election of Republican candidate Donald Trump, many have been anticipating the different policies the new President has in store for the country. One of the most awaited, of course, has to do with the country’s economic growth. President Trump has promised the country that he will make “America great again”, and it is exactly with this promise that Trump has centered his policies on. With this, several business sectors are expected to grow under the Trump administration. Some of these business sectors include information technology, infrastructure, energy, and pharmaceuticals.

Information technology is no doubt a growing business in this technologically advanced world. Almost everything is powered by computer systems nowadays. This screams for the need for IT services and products such as software testing, computer systems design, and computer hardware development. According to SageWorks, a financial information company, the IT sector is one of the fastest growing industries with a sales growth of around 18% in privately owned businesses. This is more than twice the growth of all industries for the same period. This means that putting up a business in the IT industry is more or less advantageous since almost everyone depends on technology.

Infrastructure or the construction industry is considered to be one of the fastest growing sectors as well. According to Sageworks, this industry had at least a 13% sales growth in 2016. On top of that, news about Donald Trump launching a $1 trillion initiative dedicated to improving America’s infrastructure also says plenty for the future of this industry. This is all part of his domestic plan to modernize the country’s infrastructure including highway, waterway, airway, and electrical systems. Basically, Trump is pushing for the overall revamping of the country. According to him, everyone will benefit from better infrastructure. In the same way, construction companies such as residential builders, building finishing contractors, and utility contractors will also benefit from this if more construction projects are pushed by the government.

The energy sector has been one of the most controversial sectors being endorsed by the Trump administration. It has been apparent from the start of his candidacy that energy companies, specifically coal mining and fossil fuel companies, will benefit the most from Trump’s win. Apart from slashing several environmental movements initiated by the Obama administration, Trump has explicitly stated that he believes this sector will bring in more wealth to the country. By lifting several environmental restrictions on shale production, allowing the production of oil and gas on federal lands, and dropping the Clean Power Plan, Trump is pushing the country towards being an energy-dependent economy.

The pharmaceuticals or biotechnology sector is also doing good in the country. This sector includes the research, development, manufacture, and distribution of drug-related productions in the country. According to experts, this sector remains to be one of the most competitive sectors in the country. In 2015, it brought in $333 billion in sales, around three times the growth of its rival China. In a global scale, this industry is expected to grow annually by 4.9% which will expand sales to $1.3 trillion by the year 2020.

Knowing the different sectors that are favored to grow this year is one of the most significant things to consider if you want to open up or expand a business. Aspiring business owners should equip themselves with what’s trending right now to help them penetrate the market while existing business owners will benefit by projecting their sales growth for the coming years. Having a successful business is never easy. Often times, businesses fail, but with the right business plan and at the right time, you will surely achieve it.
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