In addition to the devastating impact COVID has had on the world’s health, it has also been well-documented how harmful it has been financially. Many lost their jobs, a lot of people are still struggling to find work, and a few major businesses were unable to stay afloat. But those conditions have also made the environment ripe for a return to prominence for small business.
With large corporations struggling to get their debt under control, and other jobs not offering viable salaries for the needs of today’s workers, people are looking to solve the problem themselves by making their own jobs.
An article earlier in the month from Stacker has shown that people are now feeling more emboldened to stake their own claim and start their own businesses. And now certain industries are thriving in that regard.
Construction of Buildings
One market that did well during the pandemic was housing real estate, thanks to the low mortgage rates that sparked a buying frenzy on homes.
This also created a huge demand for new homes which could only be filled by more construction jobs. That is why from 2019 to 2020, there was a growth of 343,390 new businesses as the long-established names couldn’t keep up.
If the real estate market is creating a boom for construction, then it is probably no surprise it is creating a surging real estate market as well. As previously mentioned, mortgage rates are part of what is to thank for this, but it is not just buyers who want property.
People looking to rent and lease property have created so many new opportunities that new businesses increased by 349,990 into late 2020.
Administrative and Support Services
Ironically, the high demand for new jobs helped create new jobs wherein people helped others find their new jobs.
With throngs of people suddenly out of work, employment services became overwhelmed by clients and newcomers were able to step in and help deal with some of the surpluses.
This led to 444,250 new businesses focused on support services in the first half of the pandemic.
Professional, Scientific, and Technical Services
Naturally, with a pandemic going on, scientific services will be much needed. It has been well-documented how some health centers are still being overwhelmed by the number of patients needing their services.
To help deal with a flood people in need and a lack of supply, new businesses for scientific services had to emerge to help, totaling 709,440 new businesses.
Just because people were under lockdown does not mean their interest in buying things went away. It just means there was now a niche to be filled by non-traditional retailers.
And with so many big-name stores closing down, it has allowed newcomers to continue to have a place even as Covid restrictions have loosened. There were 764,190 new non-store retailers as 2020 closed out.
And these are not even all the industries that have seen impressive growth in the wake of Covid. It sends a clear message that these industries are not exactly disappearing, but just evolving for buyers with new needs.
To read about all the industries that are doing well for small business, read Stacker’s article about it.
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