Top 7 Fastest-Growing Sectors In The USA:2023

Top 7 Fastest-Growing Sectors In The USA : 2023 - Daily Business Facts

The United States is a strong market for several sectors, with the largest concentration of oil and gas producers. The key industries in the country are energy, manufacturing, transportation, and information technology services. These seven fastest-growing sectors in the USA are expected to boom in 2023 based on forecasts from PwC.

Most job seekers prefer to work in sectors that are dependable and prosperous. A position in rapidly expanding sectors can provide you a greater compensation, more work stability, and more prospects for professional progress. You need to be aware of which USA sectors are expanding at the highest rates if you want to work in an exciting field.

Here is the list of the top 7 fastest-growing sectors in the USA:2023.

1. Manufacturing

This is one of the leading sectors in the country. The manufacturing sector is expected to grow at a rapid pace until 2023. The strong performance of the sector can be attributed to the strong growth of the automotive, electronic, and mechanical manufacturing industries. Manufacturing is expected to grow by 5.5% in 2023 and is among the fastest-growing sectors in the USA.

2. Oil and Gas

Oil and gas extraction is one of the leading manufacturing sectors in the country. Oil & gas extraction is expected to grow at a rapid pace in the near future due to the increasing demand for fuels. The sector is expected to grow at a rate of 6.6% in 2023 according to PwC. Oil and Gas is one of the leading is among fastest-growing sectors in the USA.

Top 7 Fastest-Growing Sectors In The USA : 2023 - Daily Business Facts

The coronavirus issue continues to cause volatility in the oil sector, which was badly hit in 2020. However, when nations start immunizing their populations and companies resume their operations, oil investors are optimistic. In a recent analysis, the International Energy Agency predicted that in the last quarter of 2022, oil consumption would reach 100.6 million barrels for the first time.  The organization did point out that the slow vaccination rate in Asia would hamper the anticipated rebound.

3. Information Technology

Information Technology is one of the leading sectors in the country. The technologies that drive this sector include IT hardware and software, electronics, and information technology services. The fast-growing businesses in this sector can be expected to create jobs at an above-average pace until 2023. This sector is expected to grow at a rate of 6.5% in 2023 and create an average of 100,000 jobs during this period.

4. Aerospace & Defense

This is one of the leading sectors in the country. The defense industry has been successful in the USA for many years. Forecasts predict that this sector will grow at a rapid pace in the near future.

Top 7 Fastest-Growing Sectors In The USA : 2023 - Daily Business Facts

The demand for defense products is expected to increase due to rising tensions with North Korea. The sector is expected to grow at a rate of 4.6% in 2023 and is among the fastest-growing sectors in the USA.

5. Oil & Gas Exploration & Production

Oil & gas exploration is considered to be the start of the manufacturing sector. After this, it is transported to the refining and marketing facility to produce advanced petroleum and gas products. Forecasts show that this sector will grow at a rapid pace in the near future. The growth in this sector is expected to create employment opportunities for around 20,000 jobs during the period between 2021 and 2023.

6. Transportation & Warehousing

This is one of the leading sectors in the country. The transportation and warehousing sector is expected to expand at a rapid pace in the near future.

Top 7 Fastest-Growing Sectors In The USA : 2023 - Daily Business Facts

The demand for transportation and warehousing products is expected to increase due to the growing population and the increase in the number of vehicles on the road. This sector is expected to grow at a rate of 5.6% in 2023.

7. Financial Services

Financial Services is one of the leading sectors in the country and is among the fastest-growing sectors in the USA. The financial services industry is expected to grow at an above-average pace until 2023. The interest rate changes that took place in the USA in the early 2020s are still visible in the financial services sector. These changes are likely to result in an increase in the demand for loans. The demand for financial services is expected to grow at a rate of 3% in 2023. This is one of the fastest-growing sectors in the country.

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