With concerns about recessions all around us, you’ve many of our community members are worried about what a recession might mean for them and their career. While we understand that concern, we wanted to highlight some of the industries that have been proven to be the most “recession proof,” or that have traditionally shown resilience when recessions hit. While this information won’t determine the future, it can be useful to look back and see the characteristics that can lead to strong resilience. If you’re interested in learning, read below:
Government
The Government isn’t severely impacted by interest rates, and usually does not see any major job loss during recessions. The reasoning for this is simple: government services, and the government itself, needs to be able to keep running healthily regardless of the economic environment. When rates increase, the need for effective workers increases. With no reliance on discretionary spending or consumers, it makes sense that government jobs show resilience during recessions.
Education
No matter the economic situation, there will always be a need for schooling. Teachers, teaching staff, and tutors remain in high demand throughout recessions – with the Bureau of Labor Statistics listing this as one of the industries that typically sees less job loss in a recession. Public and Private schools alike need teachers and staff, and things like Child Care remain important as people try to find and start in new jobs.
Healthcare
Similar to Education, there is always a need for medical care. Especially with COVID continuing to stress hospital systems, there is no shortage of jobs available in healthcare. Hospital services, logistics, and administration staff are expected to remain in high demand throughout the current economic environment. When considering the low unemployment rates we’re seeing throughout the workforce, it’s safe to say this industry will likely remain resilient.
Repair Industry
Even with the prevalence of working from home helping lower some car costs, there will always be a need for home and vehicle repair, maintenance, and other services. Recessions don’t stop cars from breaking down or roofs from needing replacement, and it can make their maintenance all the more important as consumers are looking for new careers. From laptops to water heaters, there’s nothing that can stop people from needing to repair their most crucial housing infrastructure.
