Some Industries Still Profitable in Recession

2009-05-25 22:31:36 (GMT) (WiredPRNews.com - Business, News)

Some industries such as auto and home repair have remained profitable during the recession.

Despite a flailing economy, several industries are still seeing steady profits.

Wired PR News – Some industries have remained highly profitable despite a recession that has brought many businesses to the brink of bankruptcy. As reported on CNN Money.com, some industries have benefited from individuals changing their focus from shopping as a pastime to spending their money on acquiring new skills, health care, and other survival based needs.

Brian Hamilton, CEO of Sageworks Inc., is quoted in the report as stating of an industry report on spending behavior, “Our data show that companies selling non-discretionary products and services, things that people really need, are doing pretty well.”

As noted in the report, included on the list essential of industries are auto and home repair, trade school, personal care, and financial advice. Hamilton is further quoted as stating of these industries, “Although the economy has slumped, we’re not getting a decline across all industries. Very specific industries like real estate are creating a big drag on the broader economy.”