Service Industry Continues to Grow Despite Economy Worries

The service industry has continued to see demand as the summertime comes to a close, with Franchising.com reporting that the segment has continued to grow throughout the end of August.

Some of the notable accomplishments of brands in the service industry that have experienced recent growth are: PetWellClinic signing a multi-unit deal in Massachusetts, RE/MAX awarding franchise rights in Western Africa, Tommy’s Express Car Wash opening four locations and Urban Air Adventure Park signing a record number of leases.

The continued expansion of the category is part of a larger trend that’s been happening for quite some time — the U.S. Bureau of Labor Statistics reported that 300,000 new service jobs are added to the national job market every year. Paired with the pandemic shaking up many jobs and the emergence of a “gig economy,” more and more people are turning towards these businesses.

The most common occupations in the service-based industry are “retail salespersons, cashiers, secretaries, and administrative assistants, except legal, medical, and executive; accountants and auditors; transportation ticket agents or travel clerks; waiters or waitresses,” a TimeLinx report states.

Even with a turbulent economy, throughout supply chain issues, these businesses have not slowed at all in terms of demand. This resilience demonstrates that many services are recession-proof and a necessary part of what people choose to spend their money on, even when times get tough.