It’s been a long way back from the brink. The economic slowdown has itself slowed down, and we can begin to look ahead to growth and increased paychecks. Several key markets have been on the rebound recently. New home construction grew by 15% in Q3 2012 with a 12% increase in permit applications. Domestic auto sales are up 11% YTD over 2011. Third quarter US retail grew 15% as compared to Q3 of 2011. Things are looking up.
Woman looking up and smiling.
Correspondingly, the employment front seems to be brightening as does corporate sales and revenue. There are several industries that have shown promise recently. Some are understandable, and some are quite the surprise. Here is a look at five of the biggest winners thus far in 2012.
Hot Sauce Production
Metric: Gross Sales
Growth: between 9% and 10% monthly growth
There is a changing taste among the populous. Ethnic foods such as spicy hot Indian and Thai foods have gained popularity, and demand for hot sauce has skyrocketed. Industry experts attribute this to changing demographics and immigration. They also point to international demand from the UK and especially from Japan, where exotic or foreign/ethnic foods are quite popular. (Yes, you are reading that bottle correctly.)
Happy man, holding a bottle of Colon Cleaner hot sauce.
Auto Parts Production
Metric: Jobs
Growth: 22%
As stated, the auto industry has grown by 11%, and of course the parts industry has followed suit. The development of new kinds of cars, such as green cars that are either still in development or waiting to hit the market, has fueled parts industry growth in new areas as well. Technology will continue to grow these fraternal industries together.
Steering wheel.
Internet Publishing
Metric: Jobs
Growth: 30%
As one industry is declining, another is growing. To fill the void left by the dwindling number of print publications, Internet publishing continues to grow by leaps and bounds. Many print companies are converting to online operations, but new online publications are appearing all the time, benefited by low startup and maintenance costs.
Oil and Gas Drilling and Extraction
Metric: Jobs
Growth: 29%
Advances in technology have led to two huge developments in energy exploration: oil sands and shale rock. Canada has struck gold with the oil sand deposits in Alberta, generating billions – some estimate trillions – of barrels of oil. The US has access to shale, much of which can be found in the Bakken Region of North Dakota. This has led to an economic explosion of gold rush proportions in North Dakota, which has now become one of the most employment-friendly states in the nation.
Man in a hard hat, on the oil fields.
Social Media Game Development
Metric: Revenue
Growth: 42%
Whether it’s Mafia Wars or Words with Friends, Social Media games have led to yet another way to spend time online and, more importantly, another way to interact with friends. Companies like Zynga have been lucrative for years, and it appears that the industry has been given a shot in the arm since its hosts, Facebook and Twitter, have garnered so much mainstream financial attention lately. Being such a young industry, the future is bright.