While no job is completely recession-proof, if you’re thinking of changing careers soon, there are a few industries that tend to fare better than others during economic uncertainty. Below, we dive into a few industries that have shown remarkable endurance over the last few years.
The healthcare sector continues to be resistant to recessions. It is considered a buffer against job disparities that an economic downfall might cause.
During the COVID-19 pandemic, there was a strong demand for healthcare. In May 2022, the healthcare industry saw a decrease in the unemployment rate from 2.6% to 2.3%. And due to the demand placed on the sector, the need for high-quality medical equipment also rose, increasing the stability and number of manufacturing jobs.
Engineering-related services have increased more than non-STEM industries over the last few years.
The need for infrastructure growth and the engineering sector’s robust nature make it ideal for individuals looking for recession-proof careers. Additionally, government agencies use stimulus spending during recessions to fund civil, aeronautical, architectural, and other engineering projects to improve infrastructure.
Computer System Design and Related Services
Computer system design and IT services are other STEM careers that are less impacted by recessions. During the COVID-19 downturn, the average salaries of computer experts increased by about 6.9% between 2020 and 2022.
Companies have started looking at ways to automate their functions and systems, improving efficiency and lowering costs. This has increased the demand for software developers, website designers, network and security advisors, hardware manufacturers, and database managers.
Likewise, electrical installation, maintenance, and repairs are an excellent addition to recession-proof careers. Many homes and businesses use electricity for lighting and power devices. Even during a recession, maintaining electrical power structures is crucial to providing basic needs like heating. So, unsurprisingly, electricians’ employment projection is expected to grow by 7% from 2021 to 2031.
With readily available educational materials and online certification, we may see more people switch careers for greater security.