Where’s the Money at in 2020? Services! Services! Services!

Scrooge-McDuck

$2,273.79

That’s how much money the average household spent on tailoring, computer information services, recreational lessons, funeral costs, housekeeping services, legal fees, maintenance and repair services (a whopping $1,159.47), personal care services, and vehicle air-conditioning repair in 2013.

Do you know what’s NOT included in the $2.2k that people spent on services? Health care services, lawn services, travel agents, babysitting, elder care, educational services, general vehicle repair services (not sure why they only list air-conditioning), pet services, musical services, wedding and event services, and almost any other service you can think of.

I don’t mean to get all Beautiful Mind on you, but that means that the average household probably spent WAY more than $2k on services last year.

Any mathematician/economist/smarty pants would point at this analysis and laugh, but the point remains that there is a giant pile of money (we’re talking trillions here) for the taking for service providers in the US.

And that’s just last year.

According to the Bureau of Labor Statistics, services are expected account for well over half of the US nominal output by 2020. A quote: “The majority of output growth is projected to come from the service-providing sectors…from $16.2 trillion to $21.6 trillion, 2.9 percent per year, over the 2010-2020 period.”

I’m no Amalie Emmy Noether, but all signs point to you expanding your service business or starting one now so you can reap the rewards of an *gasp* favorable economy later.

 

Check out my sources and feel free to comment or critique this conversation below!

Demographics Now:  Entire US, 2013, originally sourced from US census data, (usually accessible via your public library’s databases, that’s where I accessed it)

Bureau of Labor Statistics: Industry Employment and Output Projections to 2020; http://www.bls.gov/opub/mlr/2012/01/art4full.pdf


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