Traditionally, the US economy has been driven by healthcare, technology, construction, retail, and manufacturing — the top five industries behind the country’s stable economic success. And even though the US has seen its share of labor market fluctuations, these major industries always seem to come out on top of any crisis. Then again, such a large and diverse country cannot focus on only five segments, no matter how advanced or fast-paced they may be.
So, we decided to take a closer look at the actual state of US economic growth to discover the fastest growing industries. SignalHire is a contact database designed to look up emails, phone numbers, and social media accounts of various professionals around the globe. Our service is primarily used by sales reps, business developers, and, most importantly — recruiters. So, we have access to the history of recruiters’ searches, which allows us to see which jobs are in the highest demand. When analyzed by industry, it is a good indicator of the overall market growth.
Below, we have created a list of the fastest growing industries in the US based on internal SignalHire search data.
Table of Contents:
A brief overlook of the US economy
In the last few years, the US has shown a higher GDP rate than any other developed country. US’s projected growth rate stands at an impressive 2.1%, with new employment opportunities steadily rising. However, the general outlook is still somewhat mixed when compared annually. In 2023, for example, the post-recession GDP reached a record 2.5%, but in 2024, experts predict a slower growth pace of 0.7%. The deceleration is, in part, explained by the fading effects of lax taxation during the pandemic period. Now, however, that the market is back on track, fiscal rates will get back to normal as well. This, in turn, may indicate a decrease in business investment.
The labor and job market, on the other hand, remains strong — even though it is going through yet another change. Tech advances, particularly in AI, contribute both to job displacement and creation, and it’s quite probable that this trend will keep changing digital industries in the years to come. At the same time, massive layoffs don’t seem to be a danger because employment opportunities are growing, including in areas influenced by AI advances.
On the other hand, some professionals may face rate cuts in 2024 as the Federal Reserve ended tightening its cycle in late 2023. Inflation, too, is expected to continue on a moderate scale, perhaps even allowing for some interest rate reductions. The international trade prospects for 2024 look reasonably good, according to the US Bureau of Economic Analysis (BEA), as the country is projected to keep balancing its international trade and financial flows.
All in all, US economy is expected to grow in 2024, so employment opportunities should not be lacking. But what industries are growing right now? And which ones will have the most new vacancies this year?
10. Marketing & Advertising
Average growth: 2,381667%
Median weekly earnings: $3,000
Marketing and advertising is one of those industries that undergo constant change and yet, always seem to come out on top no matter the economic circumstances. As an industry segment heavily influenced by consumer and social media trends, this sphere is ever-evolving, so it’s not surprising it always makes the list of the top growing industries — even if not in the first ranks. Right now, the industry is facing new privacy and data management regulations, along with the massive spread of AI technology, and is always on the lookout for creative professionals to harness the power of native advertising in e-commerce.
9. Sales
Average growth: 3,688333%
Median weekly earnings: $707
Sales and marketing are two inter-connected industries, so it’s not surprising both show very similar growth rates based on our data. Similar to marketing experts, sales professionals are looking for new ways to provide value-driven, customer-centric experiences to their audiences. In the context of sales, this often implies using neuroselling principles to influence buying decisions and embracing the growing power of AI. Both require the effort of creative professionals who are willing to embrace the change in one of the fastest growing industries.
8. Science & Research
Average growth: 4,2825%
Median weekly earnings: $1,505
Overall, the US science and research industry, especially life sciences, regularly faces economic pressures and challenges. Yet, it is hard to deny recent growth, and the number of fresh college graduates in this field has also seen a recent increase. Besides, businesses are ready to invest in R&D and innovation, as per RSM US data. Not surprisingly, the most recent investment portfolio has to do with updated market demands and technological advancements, but there is more room for growth in this striving sector.
7. Engineering
Average growth: 4,415%
Median weekly earnings: $1,758
In 2022, the US engineering industry, particularly in architecture, engineering, and construction (AEC) sectors, experienced record earnings — mostly because of the favorable economic conditions and low interest rates from the Federal Reserve. As the latter got more stringent, many industry analysts predicted a slowdown for 2023-2024. And while compared to the peak development in 2022, the minor slowdown did take place, the US engineering sector still makes the list of industries that are growing at a rapid pace, based on our data.
6. C-Level & TOP management
Average growth: 4,774167%
Median weekly earnings: $1,997
Even though 2024’s fiscal regulations will return to their stringent norm, which may cause a decrease in new business registrations, startups that launched during laxer tax regulations are expected to strive — that is, startups that have survived their early days. Many of these companies will be on the lookout for C-level and top management executives to ensure further growth. The exact business types will vary, of course, with IT companies predictably in the lead.
5. Business Management
Average growth: 4,881667%
Median weekly earnings: $1,520
While business management is a highly specific, company-dependent sector, the overall number of new job opportunities is expected to rise. Once again, many of the young companies that formed in the post-pandemic, tax-easy environment are currently on the rise and are in need of experienced management to help them further their business growth. According to the World Economic Forum, managers who can demonstrate digital proficiency and strategic skills will be in high demand in today’s changing professional landscape.
4. Accounting & Finance
Average growth: 5,3075%
Median weekly earnings: $1,536
Like most other industries in our research, the US accounting and finance sector is actively embracing new technologies to enhance its operational efficiency while looking for ways to align tech advances with state regulations. However, these challenges do not stop the industry from growing. In one of our recent posts, we have already compiled a list of the 9 best cities for finance jobs in the world, and four of those cities are located in the United States.
3. Healthcare & Therapy
Average growth: 7,345833%
Median weekly earnings: $866
Even though the healthcare industry has always been one of the main driving factors behind the US economy, the niche has seen a slight decrease in earnings as of late. However, job opportunities are on the rise, despite a minor drop-down in compensation packages. In fact, many US hospitals are now struggling with labor shortages — possibly because of financial implications. Whatever the reason, employment opportunities for qualified healthcare and therapy experts should not be lacking in 2024.
2. Manufacturing, Warehouse & Production
Average growth: 11,115%
Median weekly earnings: $1,143
Like most industry segments in our analysis of top growing industries, manufacturing, warehouse, and production sectors are going through a major shift. In terms of manufacturing and production, the main focus is on diminishing carbon footprint, ensuring business sustainability, and automating operations. This trend has been around for a few years now, but we still haven’t seen its peak yet because state regulations are growing ever more stringent while robotics keeps advancing.
The warehousing niche is currently focused on increasing its efficiency through optimizing logistics chains to meet customers’ demands for quick deliveries. So, qualified professionals who can help businesses get through this shift will always find employment in this industry.
1. IT
Average growth: 33,9575%
Median weekly earnings: $2,008
Not surprisingly, IT crowns the list of US industries that are growing at an unprecedented rate. Besides artificial intelligence, which has already penetrated most business spheres, the US IT industry is always on the lookout for cybersecurity experts, data analysts, cloud experts, and software architects. And even though 2024’s fiscal obligations are expected to increase, which could lead to a decrease in the number of startups, this trend will unlikely affect the IT niche. Besides tech professionals, this industry is in constant need of qualified managers, finance experts, and C-level executives, which means everyone with the right mindset can find a spot in the sun here.
Methodology
To create this rating, we collected all search requests made via our database from March 2023 to February 2024. Further on, we classified each search by industry and filtered into searches made in the United States. This gave us a good picture of the average annual industry growth in the US.
For more details, we calculated the total number of monthly searches made within each US industry segment and compared these data over the chosen period of twelve months. This allowed us to calculate an average growth rate by industry, presented in this analysis from lowest to highest.
Information about median weekly earnings was taken from US government sources, primarily the Bureau of Labor Statistics. The figures presented in this article were calculated based either on median hourly wages or on median annual wages. In the first case, we multiplied BLS data by forty (standard business hours in a work week); in the second — divided it by 52 (the average number of workweeks in a year). General information about US economy, as well as insights into each industry was taken from publicly available sources.
Conclusion
This analysis presents the fastest growing industries in the US based on the number of new job openings within each industry. The data was taken from factual recruiters’ searches made over SignalHire database, so it may vary slightly from other statistical resources that relied on different input data. Still, it shows a very good picture of the annual growth data within each market segment because the number of recruiters’ searches for candidates is one of the reliable indicators of industry growth.
For more insights about the state of the US economy, check out our analysis of the top trending jobs in the USA, as well as the best US cities for work with the most new vacancies each month. And stay tuned for more of our custom research!
