Chris Boggs, a professional friend, prepared a list of the top seven high-growth industries. It is striking how many of them depend heavily on immigrant labor. The 8th one, he told me, is computer and software designers, about 40% of which I have reported before are foreign born.
Following are the seven fastest growing industries according to the US Bureau of Labor Statistics.
NAICS base codes are provided along with brief descriptions of each industry as defined by the NAICS (http://www.naics.com). Base codes may include several specific classifications.
1. Management, Scientific and Technical Consulting Services (5416): moderate foreign-born representation.
This industry and its employees provide professional advice and assistance to businesses, municipal entities and governments seeking/needing help and direction in all areas of business or entity management. Scientific and technical consultants provide more specialized expertise. Specialized knowledge, experience and/or training are required of these consultants.
2. Individual and Family Services (6241): moderate foreign born representation.
This industry and its employees are primarily engaged in providing nonresidential individual and family social assistance services specifically directed toward children, the elderly, persons diagnosed with mental retardation or persons with disabilities. Services include counseling, day care, advocacy and recovery help.
3. Home Health Care Service (621610): in some sub-categories, high foreign born representation.
This industry is primarily engaged in providing skilled nursing services in the individual patient's home offering a range of services including: personal care services; homemaker and companion services; physical therapy; medical social services; medication administration; medical equipment and supplies training; counseling; 24-hour home care; occupation and vocational therapy; dietary and nutritional services; speech therapy; audiology; and high-tech care, such as intravenous therapy.
4. Securities, commodity contracts and other financial investments and related activities (523): Low foreign born representation.
This classification engages a plethora (a whole bunch) of financial service professionals from investment bankers through to commodities brokers and trust officers and portfolio managers. The economic downturn is not permanent, so this will likely be a growth profession again soon. Special insurance coverages that should be explored include:
5. Facilities Support Services (561210): high foreign born representation
This industry is primarily engaged in providing a combination of support services within a client's facilities such as janitorial; maintenance; trash disposal; guard and security; mail routing; reception; laundry; and other related services that support the operations of the client's facilities. Establishments that operate correctional facilities (i.e., jails) on a contract or fee basis are included in this industry class.
6. Residential Care Facilities (6232, 6233, 6239): high foreign born representation.
A wide range of operations is anticipated by this particular classification. Establishments and employees engaged in this industry primarily provide residential care and personal care services to facility-housed patients who suffer from mental retardation; require on-going medical care; suffer from a mental health issue; or provide group living for the elderly that do not require continuous medical treatment (retirement home). Also included in this broad classification are employees of children's homes, "boot camp" facilities, half-way homes and orphanages.
7. Independent Artists, Writers and Performers (711510): Probably average foreign born representation.
This industry comprises independent (i.e., freelance) individuals primarily engaged in performing in artistic productions, creating artistic and cultural works or productions or in providing technical expertise necessary for these productions. This industry also includes athletes and other celebrities exclusively engaged in endorsing products and making speeches or public appearances for which they receive a fee.