Fitness industry, still strong despite economic down turn.
Posted by Nikki Layton on Tue, Jan 20, 2009
The United States-in fact, much of the world-appears to be in economic recession, owing to such factors as a declining housing market, months of job losses, and turmoil in the credit and financial markets. According to the U.S. Department of Labor, the number of unemployed persons rose to 10.1 million in October 2008, and the unemployment rate increased to 6.5% (U.S. Department of Labor 2008a). Over the past 12 months, the number of unemployed persons has increased by 2.8 million (U.S. Department of Labor 2008a).
While all of that might be a bit worrisome the good news it that despite all of these stats the Fitness industry is still growing! The U.S. Department of Labor reports that the fitness industry is still growing and job opportunities are solid. Employment in the industry is expected to increase by 27% through 2016, a figure that's greater than the average for all professions (U.S. Department of Labor 2008b). The U.S. Department of Labor attributes this projected expansion for the industry to public concern for staying healthy and becoming physically fit, as well as people's willingness to spend more money and time on personal and family fitness.
This doesn't mean that starting your own business is easy but I, for one, think that it is clear despite the what is happening in the economy the fitness industry is still a stable and growing market in which to build a business.