Employment to Grow 10.1 percent by 2018 December 10, 2009 Boomer segment set to grow by 43 percent
By Stacy Straczynski
Employment opportunities await job seekers within the next 10 years, per the U.S. Bureau of Labor Statistics. The Bureau's Employment Projection report released today (Dec 10) predicts that overall employment will grow to 15.3 million (10.1 percent) by 2018.
The largest growth is expected in service-providing industries (96 percent of growth), with the greatest industry gains to come in professional and business services (4.2 million) and healthcare and social assistance (4.0 million). Goods-producing opportunities are expected to remain flat, while jobs in manufacturing (down 1.2 million) are expected to decline by 4.5 percent.
Changes in age demographics will follow the jobs increases. The amount of Baby Boomer workers (those 55 years or older) will continue to grow (43 percent) and account for one-quarter of total workers. Those of prime working age (25-54 years) will still occupy the majority of the workforce at 63 percent, while young workers (ages 16-24 years) will account for 12.7 percent.
Diversity will also be more prevalent in the coming years. While whites will remain the largest group at 79.4 percent of total workers, the number of Hispanics (up 33.1 percent), Asians (up 29.8 percent) and blacks (up 14.1 percent) are expected to grow significantly.
According to Kenneth Goldstein, labor economist at The Conference Board, the improvement in job number does not necessarily mean it will be a "suppliers" market.
"Folks with real talent, not just a college education but the ability to take that knowledge and be able to translate it to specific skills…those are the folks who are going to write their own ticket" over the next decade. It's the competition for these individuals, he said, that will ultimately drive hiring battles between employers as they seek to break into new markets in a recovering economy.
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