OZY on Economic Hot Spots in the U.S.
WHY YOU SHOULD CARE
Because there’s money to be made in these sectors.
Just as robotics companies in Pittsburgh and high-speed fiber-optic networks in Chattanooga, Tenn., have helped transform the economies of those cities, bioscience entrepreneurship has reshaped Cleveland’s sagging economy. While the region experienced a decline in manufacturing employment, health-care employment saw a 55 percent increase. That gain spurred others: Professional, scientific and technical service jobs grew 27 percent, and exports for medical equipment devices jumped more than any other segment in Northeast Ohio’s economy. The bioscience sector’s long-term trajectory remains to be seen Cleveland may need to make room for another Millionaire’s Row.
It’s one of the great ironies of our time that even as America’s economic recovery pokes along and job growth remains anemic, the tech industry is exploding, minting new millionaires, it seems, every week. That’s gotten plenty of people in the business world warning of another bubble, and it’s certainly a risk again today. But in the meantime, it’s boom time, especially if you happen to be a software engineer. People are taking 12-week-long, boot-camp-style coding courses and getting snapped up by tech companies left and right. Time for a career switch?
The latest trends in global energy supply are a very big deal: If you want oil and gas, you no longer have to look to Dubai or Riyadh. Look instead to North America, where the United States recently surpassed Saudi Arabia as the largest oil supplier in the world. You read that right. And if the energy boom continues on the track that oil-market analysts predict, it could just reshape global geopolitics as we know it.
The stars are aligning for a new economic and political era in America — and the future looks a lot like 1993. Hillary Clinton, former first lady and U.S. Secretary of State, not only appears as well positioned as any candidate to capture the presidency in 2016, but her arrival in the Oval Office could coincide with headwinds that the U.S. economy has not seen since the last time a Clinton occupied the White House. A lot can happen in three years, but there’s one scenario for 2017 that should be staring all would-be prognosticators in the face: the very real possibility of another Clinton economic boom like the U.S. experienced in the 1990s. Check these trends.