Throughout the year the US labor force has gone through a number of considerable changes. Prior to the 1980’s the Manufacturing Industry dominated the country, with the most jobs per sector. This trend spanned years, driven by the demand throughout the First and Second World Wars.
As the technology available to us grew and changed, so too did the focus of the labor force. Jobs in computer technology were on the rise. Experts have reported that the number of jobs created specifically by the software industry has increased 14.6% since 2014, with more than 100,000 software and IT services companies in the country!
With our heavily technology driven world, it would be reasonable to assume that the industry is the future of the United States, but the data is painting a different picture. There is a new industry emerging with political changes in the country, and it has the potential to dominate the labor force in the near future – the Marijuana Industry!
The legalization of cannabis in the United States has opened the door for the industry to grow, evolve and expand – reaching new levels of success that may have previously been seen as impossible. New Frontier Data recently released a report that projected the cannabis market will create more than a quarter of a million jobs by the year 2020, an incredible level of growth!
The legal cannabis market is larger than many Americans realize. It was estimated to be valued at $7.2 billion in 2016, and set to grow approximately 17% heading into 2017! The medical marijuana segment specifically was valued at $4.7 billion in 2016, with experts projecting its grow to reach $13.3 billion in 2020.
Giadha Aguirre De Carcer, Founder and CEO of New Frontier Data explains, “These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy. While we see a potential drop in total number of U.S. jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry’s growth to be slowed down to some degree in the next three to five years, however with projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the U.S.”
If you are looking to invest in the future of our country, look no further! The cannabis industry is the next up and comer in the U.S. labor force, with an incredible promise for the future, only made brighter as the states continue to legalize its use.