A new report seeks to answer the question "Where's the money?" in the face of rising unemployment and a struggling economy. IBISWorld identifies the industries that are remaining strong as well as ones that are growing the fastest. It also names the "Golden States"--the top five regions in the United States with the highest average annual wages.
The 5 regions (and their average annual wages) were:
- District of Columbia - $64,150
- Massachusetts - $49,070
- Connecticut - $47,680
- New York - $47,610
- New Jersey - $47,100
Meanwhile, IBISWorld (www.ibisworld.com), an independent publisher of industry and market research, found that while construction and manufacturing industries are "shedding jobs," other industries have "remain unscathed" by economic conditions, such as health care, where "a growing trend in home health care and an increasing demand from an aging population" has helped account for the addition of 368,000 new jobs in the past year. Another industry that remains strong is mining, which has added 222,000 jobs in the past 5 years, according to IBSWorld.
Some of the strongest industries in terms of average annualized growth in wages include Voice Over Internet Protocol Providers (identified by IBISWorld as the industry to "outpace all others" with a 21.8% increase by 2012). Other industries likely to see substantial wage growth include Technical and Trade Schools (5.7%); Test Development and Educational Support Services (5.7%); Live Music, Events and Sports Entertainment Promotions (5.7%); Fashion Design Services (5.6%); Social Advocacy Organizations (5.1%); and Laboratory Testing Services (5.0%).