7 Recession-Resistant Industries in an Economic Downturn

Monitoring trends is a critical Career Literacy practice. During this economically turbulent period, global trend watching and forecasting is critical because changes create opportunities that demand quicker responses. A good example can be seen in the recent strategic forecast from the Boeing Company that predicts that China will need 3,700 planes and India over 1,000 to support the growth in their cargo and passenger service over the next 20 years.

In addition to global trends, it is important to track the domino effect of one industry on another. This can be seen in the contraction in the print media business; newspapers are shrinking in physical size, amount of content, circulation, employees, and overall revenue. Related sectors that could be affected by this contraction include the paper, printing, and print advertising industries, to name just a few.

Going into 2009, what seven industries will likely see sustained, or even increasing, demand?

1. Education
   Almost 3 million teachers will be needed to replace retiring educators in the next eight years. Rural and inner city schools offer the best employment prospects. Teachers must be licensed in each state, so investigate accelerated teacher prep programs if this is an attractive option for you.
2. Energy
   The demand for energy continues to rise and many oil industry workers are approaching retirement in the next 10 years. When crude oil prices dip, the pressure to fund and develop alternative renewable energy sources, such as wind and solar power, eases, but the problem is not going to go away. Those jobs on the front-end of the process, in research and development, will show most promise. The electric power industry is declining in the next 10 years, but retiring workers will provide employment opportunities.
3. Environmental Sector
   Growth in this area will continue, as companies and communities adopt sustainability practices and “green initiatives.” The green economy includes a wide-reaching array of work: retrofitting homes and buildings, manufacturing and maintaining wind turbines and hybrid vehicles, waste management, recycling, growing trees, producing organic food, and creating solar, wind and ocean wave farms. Scientists, engineers and consultants in research and development will be most in demand to find ways to reduce pollution and improve global warming and climate change.
4. Health Care and Senior Services
   The U.S. population is aging, and the long term need for more and expanded medical and health care services will continue to grow. Although the shortage of educators and internship sites has placed limits on expansion of educational preparation programs for nurses, physical and occupational therapists, the need for these trained employees is acute. Half of the fastest growing occupations on the Bureau of Labor Statistics list are in health care, particularly for jobs requiring 1-2 years of college. These would include medical records technicians, dental hygienists, radiologic technicians, and respiratory therapists.
5. Security
   Cybercrime and homeland security are both areas of growth in this sector. Look at government positions in the Departments of Homeland Security and Defense, as well as the companies that support them, such as defense contractors. Additionally, the demand for law enforcement continues to rise.
6. Government
   Nearly one third of the permanent full-time federal workforce, over a half million employees, is expected to retire or leave in the next five years. Also, there are over 100,000 jobs classified as “mission critical” that need to be filled before September 2009. This includes engineering, scientific, medical, law, accounting, information technology, and security jobs. This number does not include administrative and clerical positions. In addition, the FBI just announced that they will hire 850 special agents and 2100 professional support personnel, the largest number of job postings since after September 11, 2001.
7. Counter-Cyclical Industries
   As you can imagine, turnaround management companies, debt collectors, repossession workers, pawnbrokers, and bankruptcy attorneys are needed in a floundering economy. Contracts are enforced more strictly during tough times, so product liability, employment, and failed construction and real estate legal transactions increase.

During an economic downturn, there is still work being done, products and services produced, and people employed. Even as companies cut budgets and staff in some areas, these same employers continue to hire in departments that need to expand. Employees retire, resign, relocate, are terminated, or return to school, and this natural workplace churn creates opportunities for others. This is a time when trend watching, strategic networking, and preparation pay off. Being the right person in the right place at the right time is more critical than ever before.