Most of us came to this profession as a calling, not as a result of a measured analytical decision process. Veterinary professionals share a sincere, idealistic, and passionate desire to give back by helping Pets and families. We are excited by the opportunity to participate in that magic bond between Pets and their Pet parents. It turns out that our choice of profession was not only a sound emotional decision, but also a good rational choice given today’s uncertain and changing economy.
Since 1972, the U.S. economy has suffered through six major recessions. Through the previous five the overall gross domestic product (GDP) shrank while the veterinary profession grew. The current sixth recession is once again proving to be kind to our profession. According to Fritz Wood CPA, CFP and noted veterinary accountant, eighty percent of small animal veterinary practices are continuing to grow despite the current economic climate.
The Pet care industry (of which veterinary medicine makes up the lion’s share) accounted for $23 billion in 2008. This is projected to grow to $34 billion by 2013. Currently the second fastest growing segment of consumer spending is Pet care (second only to consumer electronics).
The Bureau of Labor Statistics reports Certified Veterinary Technician as the second fastest growing profession and Veterinarian as the ninth fastest growing profession. New graduate veterinarians and technicians continue to entertain multiple job offers.
Veterinarians continue to be ranked as one of the most admired professions. In fact, Money Magazine (November 2009) just listed veterinarian as one of the top 25 “Best Jobs” in America. Veterinarians were ranked as an “A” in benefiting society and scored near the top of all careers in job security, personal satisfaction and future growth.
And it just keeps getting better! The bond between Pets and families continues to grow stronger. Technology is allowing us to do things we couldn’t even imagine a generation ago, and a huge number of Pets remain in need of quality veterinary care.
The economy will rise and fall, recessions will come and go, but the bond between Pets and families continues to grow, and the need for great veterinary care is stronger than ever. There has never been a better time to be a veterinary professional!