As the COVID-19 pandemic has forced people to social distance and businesses to adapt to a new business method, it has increased the demand for certain industries. COVID-19 has created new needs and circumstances for both businesses and consumers, expanding exponential growth opportunities in various industries. Our New Jersey business law attorney explains which industries are thriving during COVID-19 and what they need to do to protect their growth.
Industrial Real Estate
Although many people have the misconception that the current health crisis is hurting the real estate industry, more and more businesses have developed a need to expand their e-commerce distribution facilities. In fact, after the COVID-19 pandemic, the need for industrial real estate has increased about three times the normal amount. Many businesses also have an interest to bring some manufacturing back into the United States for better control in distribution times.
Manufacturing
The manufacturing industry has also been increasing after the COVID-19 outbreak. As mentioned above, many businesses have been moving their manufacturing facilities to the United States to control their distribution times better.
Technology
Technology companies have also been thriving during the COVID-19 pandemic. Tech companies that focus on augmented reality, robotics, 5G internet speed development, and virtual meeting companies like Zoom have thrived during this time. As more and more businesses and consumers need to keep up with social distancing measures, they have relied on technology companies to keep businesses afloat.
Industry Growth During COVID-19
Many of the companies within the industries listed above are experiencing exponential growth in their business. Although this is an exciting time for any business, it is also a time to be aware of new problems and potential liabilities. When a company goes through many changes, it may encounter breached contracts, partnership disputes, and more. For such reasons, it is vital to have strong legal representation that can help businesses identify possible legal issues and prevent them before they affect a business. Our team at M. Ross & Associates, LLC can help businesses with a wide variety of legal issues, including commercial purchases, sales, leases, and more.
If your business is thriving during the COVID-19 pandemic, our team at M. Ross & Associates, LLC is here to help you protect your business’ growth. Contact our New Jersey business law attorneys today at (201) 897-4942 to schedule a consultation!