Key U.S. Business Sectors Projected to See Accelerated Employment Growth Through 2024
2018’s accelerated employment growth is set to continue through 2024. The BLS reports that since 2014, nonfarm payroll employment has increased at an accelerated rate.
Growing at a monthly average +227,000 in 2015, +193,000 in 2016, and +179,000 in 2017. This according to the U.S. Bureau of Labor Statistics Current Employment Statistics (CES) survey.
Job growth in 2018 remained strong outpacing both of the two previous years with 2.7 million jobs created. An average monthly gain of 223,000 jobs, numbers unseen since 2015.
This was in large part due to accelerated growth in service-providing industries, more specifically professional / business services and education/healthcare services. Combining for just over 40% of the jobs created in 2018, with 1.1 million total jobs added.
Manufacturing and Construction Continue Strong Growth Performance
Manufacturing and construction continued their strong growth performance, combining to create 560,000 jobs. Notably, the retail trade industry bounced back from a loss of 88,000 jobs in 2017, adding 14,000 jobs in 2018.
This extended national job growth trend is slated to continue through 2024, with an estimated 9.8 million jobs created from 2014 – 2024. All indicators pointing towards healthcare as the fastest growing and most impactful industry over the next 5 years.
With the growth of all major occupational groups will be driven by the demand for healthcare. Which is very logical, given 38% of the U.S. population is projected to be age 55 or older in 2024, and more workers will be needed to help our aging population stay healthy and active.
Other sectors projected to experience notable growth are construction, personal care & service industry, social services, and computers & mathematics (technology) occupations.
Only farming, fishing & forestry, and production occupations are projected to decline.
Your Career Prospects Increase If You’re Employed in High Growth Sectors
For the next 5 years, your career prospects increase if you’re employed in one of the high growth sectors (healthcare, technology, construction, personal care, service industry, and social services).
You should immediately seek out advanced training and assume more responsibilities in your current role, to increase the value of your skill set. If you have several years of experience in one of these sectors, further capitalize on the growth of these sectors and your skill set by launching an entrepreneurial venture.
All it takes is developing and committing to your online professional brand. The Modern Job Seeker can help advise you how to leverage your professional experience to create an online entrepreneurial revenue stream.
Those not employed in one of these high growth sectors should seek to understand how transferable their current skill set is to these sectors. Then evaluate the demand in your target job market for the roles your skill set identifies with.
If you don’t identify any roles with comparative title or pay. You consider the benefit of temporarily assuming a role junior to your targeted title, to gain the valuable experience you’re currently missing that would make you a top candidate for your targeted role.
Additionally, seeking out professional development and training opportunities will increase the value of your transferable skill set.
The Modern Job Seeker Can Help Advise You How to Leverage Your Professional Experience
The Modern Job Seeker can help advise you how to leverage your professional experience to find the job you WANT not NEED. If you have no desire to make a change from your current industry. You should still capitalize on your experience by developing and cultivating an online professional brand.
Job titles that are expected to experience exponential wage growth from 2014 – 2024
- Personal Care Aides – 26% wage growth | median annual wage $20,440
- Home Health Aides – 38% wage growth | median annual wage $21,380
- Registered Nurse – 16% wage growth | median annual wage $66,640
- Certified Nursing Assistants – 18% wage growth | median annual wage $25,100
- Medical Assistants – 24% wage growth | median annual wage $29,960
- Software Developers / Applications – 19% wage growth | median annual wage $95,510
- Construction Laborer – 13% wage growth | median annual wage $31,090
Making major career moves can be daunting. That’s why The Modern Job Seeker is here to be your personal job search strategist and employment advocate. If you’d like to learn more about how we can help you land the job that leads you towards long-term career enjoyment, success, and fulfillment. Please email us. As always, best of luck!