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Published On: Fri, Aug 19th, 2016

These 3 Industries Are Driving the US Economy

One of the major benefits of studying in a top ratedmasters in business administration program at schools such as the University of Maryland is the fact that you can stay current on the state of the economy at any given point. Professors typically draw stories from the news to illustrate lessons being learned and by the time you have that MBA degree online or in a conventional on-campus setting you’ve learned why some businesses fail and others thrive.

These are lessons that can help the economy going forward as more and more people learn to read the signs in order to make changes before the economy bottoms out again. If each individual business is able to stay afloat then perhaps there wouldn’t be a ripple effect that is known to have devastating consequences on the nation’s financial wellbeing. These three industries that are driving the US economy may have lessons to be learned by other industries.

photo Gerd Altmann via Pixabay

photo Gerd Altmann via Pixabay

Agriculture

According to Investopedia, agriculture was the one (and only) industry that fared really well during the recent Great Recession and now doing equally well during this period of recovery. Although it doesn’t take someone with an online MBA to understand the importance of agricultural products for the sustenance of life, the way the industry was managed was its salvation. The online resource states that a low rate of unemployment along with continued investments in the industry infrastructure were largely responsible for driving it forward. This is something any masters in business administration program should teach when looking at the nation’s economy in the news.

Healthcare

As an industry that saw a three year growth rate at right about 135%, this is one of the fastest growing sectors in the nation. Many sources are quoted as offering thanks to a population that is aging because of the increased need for health related services, but this strikes a discordant note with boomers to be sure. Unfortunately, this assessment is true and that’s why business administrators should look at demographics within their market in order to focus on them to continue expanding along the way.

Manufacturing

Again, manufacturing comes in at first place in industries that are driving the economy but many market analysts believe that soon even manufacturing will have stiff competition from healthcare. Of course this isn’t only because of an aging population but also because of technology within the sector that is putting a good deal of patient care in the hands of the patients themselves. Wearables that communicate with healthcare providers are becoming a significant part of the healthcare industry and although those products are, for all intents and purposes, manufactured they are still linked with healthcare as opposed to being tallied with manufacturing numbers.

Business administrators really should keep abreast of the news in regards to which industries are faring well and which are failing by record numbers. There are lessons to be learned from this historical data and when analyzed in retrospect, what those industries did to continue growth when others were failing could have prevented such devastation here and abroad. Will other industries learn from their continued success? That remains to be seen.

Author: Carol Trehearn

photo/Revisorweb

photo/Revisorweb

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