There Is Positive News
The economic news might not be the most positive news we hear right now. There are fears of rampant inflation and rising interest rates. Some doom-mongers are even talking about imminent recession.
Moreover, as the world emerges from Covid-19 restrictions, other events, including Putin’s aggression against Ukraine, are threatening the chances of business success. However, it is not all doom and gloom.
Some industries are holding their own in difficult trading conditions. Others are positively flourishing. It seems to be a case of out with the old and in with the new.
IT Is Everywhere
The number one expanding industry in the US is information technology. This should come as no surprise. IT is everywhere and is the engine driving almost all of what we do in 2022. It is hard to unravel IT from other industries, from our smartphones to the electronic chips in our cars.
IT is embedded in almost every part of our lives. By the end of 2021, the industry will have an estimated worth of $1.6 trillion. And it is not just that tech is enormous. The bottom line is that US tech accounts for a whopping share of the world IT market.
The US IT market accounts for 35% of the entire global market. In addition, 12.2 million US residents are currently employed in this sector, and another 178,000 IT jobs are expected to be created by the end of this year.
This industry has made household names out of the men who became rich in this area. The likes of Peter Thiel, Elon Musk, Jeff Bezos, Mark Zuckerberg, and Bill Gates all founded their fortunes in the IT world.
While the men and women at the top of the pile are eye-wateringly rich, the rewards for people working in this industry are also among the best in the country. Tech employees, on average, earn as much as 85% more than those in other industries.
In San Jose, California, they make 507% more than the average salary. It is only 32% higher in Wyoming, but these are still considerable differentials.
Tech makes everything possible, from cloud computing to data science and online marketing to video games, online casinos, and sports betting. The opportunities to be part of the success of the IT industry are accessible to anyone with a good computer and decent internet access.
A Gambling Revolution
The gambling industry has undoubtedly been a benefactor of the advances in IT. A combination of tech wizardry and the changing attitudes of the nation’s legislators means that the iGaming industry is growing at a pace in the US.
Not long ago, someone wanting a flutter might have had to travel to a hotel-casino in Las Vegas or New Jersey. Gambling required dedicated vacation time to be put aside. Placing a sports bet had been mainly made illegal due to the Professional and Amateur Sports Protection Act of 1992.
However, in the new millennium, momentous events coincided to change the face of the betting and gambling market in the 2000s. First, the PASPA law was overturned by the Supreme Court in 2018. This meant it was up to individual states to decide whether sports betting could or could not take place in their state.
Previous to this, states desperate to balance their budgets had wanted to sell lottery tickets and promote casino-style games over the newly popularized world wide web. However, they were restricted by the 1961 Wire Act.
This law had been drawn up to prevent racketeering and came from a pre-internet. In 2011, the DOJ allowed states to pass legislation affecting online gambling, which enabled them to decriminalize the activity. However, this did not apply to sports wagering.
A combination of these factors has allowed the gambling industry to flourish. Twenty US states now allow their residents to place a wager online on a sporting event, five have established online casino industries, and a handful allow online poker but not fully-fledged casino games.
It can be a pretty confusing picture for residents who want to try out online casino games or place a wager at an upcoming sports event. A subset of the success of the online gambling industry that has grown up is dedicated review sites.
The independent reviews help find the best new online casinos for customers and ensure they are accessing well-regulated legal platforms. A Research and Market report forecasts that the industry will be worth $92.9 billion by 2023. It is growing at an annual compound rate of 11.6%.
It is projected that due to rising technologies like Blockchain and VR, that growth will accelerate. It is anticipated that by 2025 the growth rate will be 14.78%. California could be the next significant entrant into the market, with an upcoming referendum where residents will decide whether to legalize sports betting.
Domestic Airlines Are Flying High
The travel industry might have slumped in 2020, with most countries and states within the US having closed borders due to the Covid-19 pandemic. This resulted in many airline operators recording massive losses.
However, as vaccines helped the world return to a level of normalcy, the airline industry has demonstrated remarkable resilience, and people are desperate to travel. It is the domestic airline industry that has recorded the biggest bounce.
The domestic airline industry grew 62.5% in 2022 compared to 2021. While many Americans want to return to vacation mood, most are eschewing international destinations. This is because international travel restrictions have remained in place for many countries and the regulations are often confusing.
Many Americans have therefore chosen to travel within the US borders. In addition, after a year of lockdowns and restrictions, there has been a surge of people traveling around the country to catch up with friends and family.
As a result, the domestic airline industry has been one of the sectors that have seen rapid expansion this year.
Traditional And Challenger Accommodation Flourishing
The desire to travel without the hassle of international borders has also seen a boom in the local motel and hotel sector. Just like domestic airlines, hotels and motels are now open for business and fully booked up.
With all the attractions available, this sector has recovered well, and new establishments are opening. In addition, technology has helped new smaller operators get a slice of the action too.
Finally, many homeowners and alternative vacation accommodation providers have taken advantage of Americans’ new-found wanderlust and listed their place on Airbnb.
At the beginning of the year, Airbnb Inc said there was a substantial demand for accommodation after more than two years of Covid-19 restrictions. In May, second-quarter revenue was predicted to be as high as $2.13 billion – it had previously been forecast at $1.97 billion.
Getting Together For Live Events
People are not only visiting family and friends or traveling to far-flung corners of the country, but they are also flocking to live events where they can once again be part of their tribe.
As a result, the concert and event promotion industry is one of the most lucrative in the USA, from music festivals to celebrity meet and greets. While these have always been popular, IT has helped turn this industry into the financial beast it is today.