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Where the Job Market Will Open Up
Worrying about competition for talent probably isn’t your biggest concern right now. But it’s coming, especially in some industries and for some job titles.
The U.S. Labor Department released its report on 10-year projections for job and industry growth. Here’s what’s in the report.
First, as just about everyone knows, the manufacturing sector will continue to drop, even after a loss of about two million jobs in the sector over the last year, and they are unlikely to return.
Total employment is expected to rise in the next 10 years by 15.3 million, or 10.1%. That’s better than the 7.4% increase in the most recent 10-year period, but the numbers can be deceiving, since the recession dragged down the numbers so badly in the most recent 10-year period. Plus, we’re starting a low point in employment, so there’s a lot of room for growth.
Construction. The number of jobs will rise by 1.3 million, but even with the increase, there will be a percentage decrease when compared with the job market as a whole.
The service sector. Expect 96% of job growth to come out of this sector in the next 10 years — in particular in professional and business services, and health care and social assistance. Jobs in health care, which grew even during the recession, will skyrocket.
Which positions will see the most growth? The Labor Department projects increases of:
- 72% for biomedical engineers
- 53% for systems and data analysts
- 50% for home health aides
- 41% for financial examiner
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