The Private Security Industry is one of the fastest growing Industry in U.S., public panic over crime after September 11 incident and rise of several criminals and militants groups in all over the world helped this industry in booming more in less time period. Currently Private Security Industry is spending more money and recruiting more security guards than public police forces around the country.
According to the estimates and financial studies, total expense on private security was around $52 billion, compared to $30 billion expense on public police forces in the year 1990. There were more than 10,000 private security companies engaged in Private Security Services, and they employed around 1.5 million guards, which is nearly three times of 554,000 state and local police officers. This industry which collects billions as profits is growing rapidly. There was an estimation that the number of private security guards providing their services will reach to 2 million by the year 2000.
Private Security guards employed by Private Security Agencies can be seen everywhere, patrolling shopping malls, workplaces, apartment buildings and neighborhoods. The rapid growth of massive private shopping malls, and steady shrinkage of public shopping streets along with the change in shopping trends of people are also a helping factor in booming and flourishing these private security agencies. Even Government is taking services of Private Security Agencies to ensure security on highly congested public places such as New York City's Grand Central Station. Many municipalities are planning to cut their operating costs further by hiring private security people to work with ambulance services, parking enforcement, as well as to watch over crime scenes and transport prisoners.
Urbanization, modernization and capitalization in United States also encourages the need of solid security Systems. Government policing system was not enough to serve this huge demand of security staff and armed personnel's, so that led to more and more increase in number of security guards recruitment and helped Security Agencies in earning more revenues. The case was not only applicable to large government installations or private organization and places of social gatherings. The security agencies used to get several requests and queries regarding protection of private property and persons. Several wealthy people started taking services of private security agencies and guards employed by them in security of their permanent properties, as well as for protection of their own life.
In brief, it was beginning of another era in history of Homeland Security in United States. The trend of having private security guards is becoming more and more popular, which will ensure better employment services and earning opportunities for Army veterans, providing a chance to earn them for their own bread and butter.
Industry In The United States
US Real Estate industry has seen drastic changes in last few years. During early years of this decade, United State's economy was booming like anything. Thanks to the IT, Electronics and Retail revolution that caused sudden increase in earning potential of residents. People were looking for new and more beneficial options to invest their money. Investing in Gold and commodities shares was not as rewarding as past. Share Prices of IT and Telecom companies were on its peak, so it was also not a good idea to buy them as investment purpose.
At this point of time, Real Estate became hot favorite for investment purposes. People started buying residential as well as commercial properties like there is no tomorrow. It was one of the most rewarding investments, which could return attractive benefits in comparatively less time.
Rule of Demand & Supply
There was one more reason behind this boom. It was the urbanization in almost every part of US. People were moving to cities and metros in search of better options of employment and better earning. It was a phenomenon, started during early eighties and reached to its climax during last few years of 20th century. As space were limited in metros, so according to the very old Demand and Supply rule of Economics, prices for residential as well as commercial properties started increasing and reached to all time high. However, people were busy buying properties, getting loans was easier due to flexible loan scheme offered by banks and lenders. Therefore, it was a rave of buying residential as well as commercial properties everywhere, what people were concerned is only EMI's of the loan amount.
Problem Days for Real Estate
It was the time when there were less available properties than the number of buyers. It was a win-win situation for sellers. They took benefit of the situation and sold properties on more than its actual prices. But, during last few years US has seen several problems falling dollar rates, increasing rate of unemployment, closure of several business entities, as well as bad health of sectors like IT and falling share prices resulted in hue and cry everywhere in US.
Banks increased rate of interest in this situation to recover their debt as soon s possible, however it became tough for people (who were facing several problems already) to pay their loan installments. They are left with burden of un payable loans, and the only option was to sell the property and pay the loan. However, it was also tough because they were not getting the perfect amount that can solve their problems. In fact, the price being offered used to be very less than the price paid by them when buying property. It created a major problem for Real Estate industry.
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