The UK’s fastest-growing sectors
When it comes to your future making sure your chosen path has prospects is just smart business sense. Now more than ever is this true as we witness first-hand the birth and deaths of whole industries in the blink of an eye.
Obviously, the simplest recipe for success is to just do something you love. But what if you don’t know what that is yet? To make sure you have all the information you need we’ve looked at the latest research from BNP Paribas Market Leaders and from the Office of National Statistics to identify the business sectors set to boom in 2020 and beyond.
1. The sciences
It’s fair to say that we face some pretty serious challenges heading into the new decade. Overpopulation, depletion of natural resources and the grenade in the fire, climate change, to name just a few. Thankfully, the “majority” of leaders are, if not acting, at least acknowledging the huge problems the human and animal world face.
No surprise then that the sector which includes sciences has for 3 consecutive years grown in terms of new businesses and is set to more than double in size in the next 20 years.
If you’ve got aspirations to enter this field be prepared for some healthy competition as inspirational activists like Greta Thunberg have inspired a whole generation of would-be scientists eager to fill the roles that could one day deliver us from disaster.
Don’t worry though: climate change isn’t going anywhere (wait… do worry) and since the U.K. recently voted unanimously to legislate for net-zero emissions by 2050, there’ll be plenty of opportunities to make a difference.
The sector which encompasses IT and computer programming has had a makeover in recent years with inventors and designers such as Steve Jobs reaching messiah-like levels of worship amongst technophiles. Silicon Valley, unicorn apps... suddenly IT is sexy and with the average American spending almost 7 hours looking at a screen, it’s also big business.
Fortunately, the public and private sector have been working together in recent years to make the U.K. an attractive place for start-ups and their staff to prosper and in 2019 alone 43,765 tech start-ups made the leap from idea to implementation.
If anything this sector is growing too fast with auditors, KPMG and IT outsourcers, Harvey Nash finding that 65% of 3000 technology leaders recently surveyed cited hiring challenges as a boundary to productivity.
What does all this mean for you? 8% predicted growth for the next 5 years and a fast hiring rate to boot.
For the second year in a row, construction makes our list for the fastest growing sectors with 12,000 new enterprises registered to HMRC between 2018-19. In contrast to 2018 however, where the largest increases were in non-housing repair, last year’s growth came in the domestic market.
After 3 years of uncertainty surrounding Brexit, investors will surely be pleased to hear that at least a dotted line can be drawn in the sand after Boris’s victory but how the people’s decision and his trade negotiations will affect foreign investment is yet to be seen.
4. Automotive manufacturing sector
Recent news that the automotive industry is expecting a resurgence will be a sound for sore ears with, “economists predicting that the industry will begin to prosper again over the next two years, achieving growth of 3% by 2021”.
Petrolheads need not apply though as this REVolution will be plugged in. And 2020 is set to be a historic year as the number of EV cars in British showrooms is set to double and the number of EV cars on the road is expected to break the 100,000 mark.
It’s not just the obvious industries (manufacturing, mechanics, etc.) that will need staff either; all these plug-in vehicles will need infrastructure to support them. Technicians, designers, project managers, engineers, analysts, this industry will need an army of talent to realise carbon-cutting potential and ensure that our roads aren’t littered with abandoned green vehicles that didn’t make it to the next charging point.
Contributing £26 billion to Britain’s economy, energy is a buoyant sector on all fronts. The most significant growth, though, is in green energy. By the end of 2020, the government’s plan is for 15% of all energy consumption to stem from renewable resources, which has spurred significant investment into UK-based sustainable energy companies.
As a result, it’s estimated that the UK’s renewables industry could support up to 400,000 jobs by the end of this year.
“It’s never been more exciting to work in the energy sector,” says Phil Foster, CEO of Love Energy Savings. “There are more renewable energy businesses than ever before, which is creating a highly competitive market and driving down the costs to businesses as a result.
“New technologies are a really promising area, too. We recently secured a £25 million investment from LDC (part of the Lloyds Banking Group), which we have invested back into the business with a focus on our proprietary technology, which has generated a host of new technical roles
“The more innovative energy companies become, the more jobs there will be, and the more the energy industry will grow as a result.”