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EDITOR'S NOTE: This story was updated March 2009.
A recent CNN poll finds that nearly 60% of Americans believe we're likely facing a depression. Although most Americans would, of course, suffer in an economic depression, some careers should remain strong, maybe even bolstered by tough times.
1. Accounting. Bad times increase businesses' and individuals' desire to wisely account for every last dollar. Accounting jobs have declined in recent months but a bevy of planned new federal regulations may be a full-employment act for accountants.
2. Education. Even in the recent tough times, our political leaders are calling for increased education spending and voters continue to pass education bonds.
Community colleges should also thrive. Unable to land a good job, many people will return to school for retraining. Even those with college degrees will turn to community colleges because they typically offer practical career-related training and at an affordable price.
3. Entertainment industry. During the Great Depression, the movie industry boomed as people craved escapism and had time to burn. That would likely be the same today: the film, video game, sports, and creative arts industries should be viable.
4. Utility companies. This is the classic defensive investment. Even in the worst times, utilities stay cranking.
5. Repairers. Home, car, commercial, industrial -- in a bad economy, the rule is don't replace; repair. For example, in a depression, struggling car manufacturers will more often opt to repair than replace a balky welding robot.
6. Energy industry. Despite all the media attention to solar, wind, etc., the nuclear industry may, over the next decade, create the most jobs.
7. Health care. especially registered nurses, physician assistants, internal medicine physicians, dentists, optometrists, pharmacists, and physical therapy assistants.
There should also be a boom in jobs related to healthcare reform, a Barack Obama priority. Many government jobs in accounting, actuarial science, information systems and management should result.
8. Senior services. An increasingly aging population will increase the need for housing, home retrofitting, geriatric care management, and, of course, the aforementioned health care.
9. Law enforcement. Crime doesn't take a break in tough times. In fact, it tends to increase.
10. "Sin" industries. Jobs related to the liquor, gaming and tobacco industries have always thrived, in good times and bad.(Sin stocks may also make good investments. See The Virtues of Vice Stocks for more info.)
11. The clergy. People seek spiritual support in tough times. Particularly poised for growth: Spanish-speaking Catholic priests and Muslim Imams.
12. The repossession, foreclosure and debt collection industries. For example, there will be jobs repossessing the big SUVs from owners who knew they couldn't afford them, but took advantage of no-qualification loans.
13. Government work. The Obama presidency is likely to mean more big-government solutions, creating government jobs across the board but especially in energy, the environment, inner-city education, financial regulation, homeland security, health care, accounting/auditing, information technology, and the IRS. The government has police powers to collect taxes in good times and bad, and so will be more impervious to economic declines.
I believe that for non-stars, government is the last bastion of secure, well-benefited employment that generally requires only 40-hour workweeks, and offers ample sick days, holidays, and vacation days.
Despite the stock market freefall and the continuing parade of business failures, I am cautiously optimistic that we will avoid a depression. But it's comforting to know that even in hard times, it should be possible to thrive.
Marty Nemko (bio) is a career coach and author of Cool Careers for Dummies.
POSTED BY: mamamia (February 07, 2009 12:05 AM)
I know of a skilled Career Coach who's business is booming now too!
POSTED BY: Cindy Cotter (February 15, 2009 12:55 PM)
Community colleges may not be such a great employment opportunity. My own has put a freeze on hiring due to funding cuts.
POSTED BY: laurie cannon (May 16, 2009 05:09 PM)
today on cnn in the morning, may 16, discussion about setting up call center from your home...I could not see the discussion on this website or referral. could you please send me information. I caught the end of the show , it was a female making the comments also spoke about website to look up about mystery shopping. thanking you in advance.
POSTED BY: Cameron Huddleston (May 18, 2009 01:53 PM)
Laurie, hi, this is Cameron Huddleston, Kiplinger.com editor. The article Janet Bodnar on CNN was referring to was 11 Ways to Get Extra Cash. Cut and paste the url below in your browser and you can see it. Hope this helps: http://www.kiplinger.com/features/archives/2009/04/11_ways_extra_cash.html
POSTED BY: Monica (May 30, 2009 01:01 PM)
In the health care industry the one job that is always in demand is a Certified Nursing Assistant. The Nurses of today are so ladden with paper work that most if not all hands on work is done by a nurses assistant....This is a very important position in health care that is always over looked. Mostly because there is absolutly no glamor or great pay. These men and women do so much more for the patient in hospitals and residents in nursing homes and are awarded with the nation not aknowledging them. So if you are in need of a very high demanding and in demand career look into your local CNA program
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