With college costs soaring, learning technical skills is in style. Last year, the industry's profit margin grew by 10 percent.
School's the new cool nowadays. At a time where many businesses weren't able to survive the recession and others are struggling to stay afloat during the recovery, technical and trade schools are thriving.
As more people remain out of work and employers stiffen up their requirements, the motivation to go back to school is increasing. As college tuitions soar out of reach from many Americans, they're looking for other options. Since last year, tech and trade schools' sales growth figures have grown from 8.12 to 15.22 percent, according to Sageworks.
IBISWorld expects professional skills and performance training to increase more than 5 percent through 2016.
By the Numbers:
Sales percentage change for trade and technical schools in 2009, according to Sageworks
Sales percentage change for trade and technical schools in 2010, according to Sageworks
Net profit margin growth (pre-tax) for technical and trade schools in 2010, according to Sageworks
Annual growth in employment in professional skills and performance training from 2011 to 2016, according to IBISWorld
Annual revenue growth for technical and trade schools from 2008 to 2011, according to IBISWorld
Projected annual percent growth in revenue from 2011 to 2016 in professional skills and performance training