California has the title of being the largest state economy in the entire United States. This is because of the large workforce (approximately 14 million) and diverse industries such as technology, entertainment, hospitality, and agriculture. Even industries that are currently relocating to search for cheaper labor are experiencing growth in California. This is due to the concentration of technology-intensive manufacturing processes. Following are 5 of the fastest growing industries in California.
With our aging population, jobs in the healthcare industries are growing at a rate that is faster than overall employment rates. California is no exception to this trend. A large portion of healthcare expenditures are non-discretionary, so this industry is rarely affected by the economy. However, the recent changes in the healthcare industry have brought about a new healthcare technology industry with electronic health records (EHR) acting as the driving force behind healthcare informatics and technology.
The 2009 recession hit California especially hard. However, in the last few years the economic recovery has also swept across California and the construction industry is back on track. Construction is the fastest growing industry in California, employing 5% of the private workforce. Commercial construction is the driving force behind the industry growth as businesses and civil plans are back on track.
Technology and Information
California has long been known for the Silicon Valley and their extremely strong technology and information sectors. Information giants such as Google and Facebook are based in California. In addition to software and internet businesses, there are technology firms that design and build electronics, computers, and other hardware. As the world we live in becomes increasingly digital, the demand for technology and information will continue to keep this industry alive and growing at an exciting rate in California.
The hospitality sector in California has long supported a healthy tourism industry. California is known as a mecca for vacationers and wealthy retired population alike. This industry has been growing in California as people’s disposable income increases. The beautiful beaches, national parks, and well-known entertainment industry make California a destination spot for people from all over the world.
California recently pulled out of a prolonged drought. The improved water conditions in California will help the farming and agricultural industries to go back to becoming the country’s leading producer of fruit, wine, nuts, and vegetables. Along with producing these items for our country’s consumption, California is a leader in exporting as well. Now that it has become less expensive to provide the irrigation necessary to support the agriculture, this industry will become one of the fastest growing sectors in California.
The Employment Development Department of California has published a list of the top 100 fastest growing jobs in their state. If you are interested in living and working in California, take the time to research what the fastest growing industries in California are and see if your job title fits into one of those on the list. In spite of recessions, drought, and other Acts of God, California’s economy is thriving. There are industries in California that exceed the overall national average. You can choose a career with a bright future in California.