Top 50 Recession-Proof Industries (And What Makes Them Recession-Proof) Part 2

In the first installment of this series, we began to look at industries that are “recession proof.”
Such industries not only keep their head above water in tough times, but actually managed to grow in the three most recent recessions of 1990, 2001, and 2007.   Today, we’ll round out our profile of these industries by examining the remaining 25 of them.

26) Physicians

As noted in part one of this article, healthcare and medical services are largely immune to the pressures of recessions. Physicians offices, for example, grew 5%, 4%, and 4% during 1990, 2001, and 2007′s recessions, respectively. Interestingly, the Bureau of Labor statistics indicate that mental health physicians are excluded from this figure.

27) Dentists

The inner workings of our mouths are blissfully unaware of the recession. Cavities form, gums bleed, and root canals need to be performed regardless of the how the Dow Jones or S&P 500 did last week. It should come as little surprise, then, than dentists achieved 2%, 2%, and 4% growth during the three most recent recessions.

28) Specialty therapists

Specialty therapists (such as behavioral therapists, physical therapists, and psychotherapists) enjoyed 15%, 7%, and 7% growth during the 1990, 2001, and 2007 recessions. While the territory covered by those considered to be “specialty therapists” is too broad to draw truly valid inferences from, it’s worth noting that this sector has achieved significant and sometimes even robust growth in the face of economic adversity.

29) All other health practitioners

Other health practitioners achieved growth rates of 10%, 7%, and 8%, continuing the fascinating trend of health sectors being virtually immune from recession-related turmoil. By now, a clear signal should be emerging to job-seekers: if you have the skills, the health field will happily absorb you during good times or bad!

30) Podiatrists

Podiatrists (or “foot doctors”) have remained strong in the face of recessions, turning in growth rates of 7%, 3%, and 3% in each of the three recessions that statistics were collected for. It appears as though foot, lower leg, and ankle injuries do not slow down with the economy, as evidenced by the significant growth in this field!

31) Outpatient care centers

Hospitals and doctors offices aren’t the only healthcare sectors who seem to be a step ahead of recessions. Outpatient care centers (facilities used by patients who are not hospitalized overnight but whom need diagnosis or treatment) have grown by 4%, 3%, and 3% during the timeframe discussed. Remember Kennedy’s quote: “a rising tide lifts all boats!”

32) HMO’s

HMO medical centers have seen 5%, 2%, and 3% bumps in growth during the last three recessions. The types of people employed by HMOs range from doctors to nurses to secretaries, so don’t think that it’s just strictly medical professionals who benefit from this growth. Anyone who is employed by these places is no doubt sharing in the prosperity as well!

33) Kidney dialysis centers

Dialysis is a technique used to provide an artificial replacement for lost kidney functions in patients who have suffered renal failure. (For those who do not know, the kidneys are critical for urination and filtering our bloodstream.) Naturally, such problems do not stop happening due to recessions, which explains the 4%, 6%, and 2% growth rates experienced by kidney dialysis centers during the three most recent recessions.

34) Emergency medical centers

As we alluded to in part one of this article, there is likely a higher percentage of car accidents and stress-related injuries and illnesses during recessions due to the economic pressures being felt. Another upshot of this is growth in freestanding emergency medical centers and walk-in clinics, to the tune of 5% over each of the 1990, 2001, and 2007 recessions.

35) Medical laboratories

Medical laboratires such as those required to process blood work and X-Rays have also benefited from the growth of healthcare sectors during recessions, growing 4%, 3%, and 3% respectively. Again, this is an example of a health facility that would employ many non-health employees, such as administrative assistants, data-entry clerks, etc.

36) Home health care services

Employees working under this umbrella include assisted living personell, in-house doctors, and the like. While it is not immediately clear why this type of healthcare has grown (one would imagine that it is more expensive to have someone visit your house than to visit a facility), this sector has experienced tremendous recession growth – 19%, 5%, and 7% in 1990, 2001, and 2007, respectively.

37) Blood and organ banks

A man waiting for type 0 blood or a replacement heart does not stop needing them because the economy tanked. This translates to significant growth for blood and organ banks, who clocked in at 5%, 8%, and 5% growth during the three most recent recessions. If you or someone you know is employed in this area, there is probably little need to worry!

38) Hospitals (general and surgical)

General and surgical hospitals are yet another beneficiary of recession-economy growth, although not quite as much as some of the other, more specialized sectors. Hospitals have turned in growth rates of 3%, 3%, and 2% in each the the last 3 recessions.

39) Substance abuse hospitals

A tragic reality of recessions is that some of those affected turn to hard drugs and alcohol to numb their pain. Those who lack effective coping strategies are more apt to overdose on painkillers or drink themselves sick than seek the help they need. This could help explain why substance abuse hospitals have grown by 1%, 3%, and 2% during 1990, 2001, and 2007.

40) Nursing care facilities

When the costs of independent living become too high (as they often do in recessions), senior citizens suffering ailments often opt to check into nursing care facilities. This would appear to be a driving force behind the 6%, 2%, and 2% growth nursing homes experienced during the past three recessions.

41) Homes for the elderly

Along the same lines as nursing home growth, homes for the elderly have seen 9%, 7%, and 3% growth rates during the most recent recessions. Once again, this likely reflects the desire of the elderly to get into some kind of secure living arrangement at a time when the economy is volatile and uncertain.

42) Services for the disabled

Here is another classic example of a service that cares nothing for the state of the economy: services for the disabled. Those with chronic ailments and illnesses need just as much help in bad economic times as they do in good ones, a fact that is reflected in the robust 8%, 11%, and 7% growth rate this sector has achieved in the last three economic collapses.

43) Community housing

An obvious problem caused by recessions is increased unemployment, which in the worst cases leads the less fortunate to lose their homes. This explains why community housing, emergency, and relief-based organizations have reaped 8%, 7%, and 3% growth during the last three recessions. Too often, these organizations are the only things standing between the less fortunate and living on the street.

44) Child care

Many adults try to pick up more hours and overtime during recessions in an effort to squirrel money away. (After all, it is never known in advance how long the recession will last and how far each dollar will have to be stretched.) A consequence of this has been 7%, 4%, and 2% growth in the child care sector. After all, somebody’s got to watch the kids while the parents do all that extra work!

45) Sports agents

Most athletes have one economically useful skill: the ability to play a sport. This means the athlete must strive to maximize his use of that skill while he is still young and able enough to do so, and this is especially true during recessions. Taking this into account, it’s no shock that sports agents achieve 7%, 7%, and 6% growth in recessions, when they are ultra-incentivized to negotiate more lucrative contracts for their clients.

46) Zoos and natural parks

During recessions, expensive forms of entertainment like movie theaters, pro sporting events, and vacations become unaffordable. Stepping in to fill the void are the many zoos and natural parks, which are typically priced far lower than the above activities. Such places have realized 6%, 3%, and 10% growth rates during the past three recessions.

47) Amusement parks

Interestingly, one entertainment venue that doesn’t seem to buckle beneath the pressures of recession are amusement parks. Places like Six Flags and Lake Compounce have achieved 12% (!), 3%, and 5% growth during the 1990, 2001, and 2007 recessions, respectively. It’s tough to explain this one, but there are a few anamolies in almost every statistical category!

48) Nail salons

Nail salons have turned in growth rates of 2%, 9%, and 9% during the last three recessions. One possible explanation is that women who have been laid off or whom are unable to find work have more free time and opt to spend some of it getting their nails done. Outside of this, it’s somewhat difficult to explain why this seemingly optional activity actually gets used more during recessions than in prosperous times.

49) Local government administration

Not surprisingly, municipal governments grow during recession. Since they are primarily staffed by careerists and bureaucrats (who are by definition concerned with preserving their status more than anything else), it can hardly be described as shocking that their activities grow 1%, 2%, and 2% during recessions. Some of this growth is also likely to to increased use of government services during recessions.

50) Local government transportation

The 6%, 4%, and 2% growth in local government transportation seems to indicate that government employees are using their work vehicles more during recessions. This could either be the employees using government vehicles for personal use (to save gas, wear and tear on their own privately owned cars), or that they are using government vehicles more because of increased use of government services, or a combination of both.

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