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According to the U.S. Bureau of Labor Statistics (BLS), the nation’s unemployment rate currently stands at 3.9%. This statistic shows that the market is very favorable right now for job seekers. In fact, it is so favorable that professionals are not even caring to show up for interviews!
At the same time, job industry experts have expressed great concern about the impending job market crisis that is likely to arise in coming years due to increased automation and adoption of advanced technologies like robotics, machine learning and artificial intelligence.
While this will certainly transform the way many Americans work (obviously in a positive way), it will simultaneously reduce the number of jobs available for certain types of unskilled and even skilled labor
Therefore, in light of the current job scenario and upcoming industry trends, it becomes crucial for every job seeker – especially freshers – to focus on sectors that will generate more employment opportunities in future while offering better growth opportunities in terms of career and compensation.
So, now the question arises, “What are the best sectors to work in?” “What are the best jobs to take up if you are a fresh grad or looking for a job change?” While a few industries have a promising future, some are expected to witness sluggish job and wage growth. Likewise, some states will likely have better job prospects than others.
To help guide and enable you to make better career choices, here we bring you the top 10 industries with maximum growth prospects in respect to job opportunities and career growth over the next 10 years. Additionally, you will also get learn about educational and skill requirements, types of jobs, and projections of job opportunities for every sector
Fortunately, the health care service sector has been persistently growing for the past 20 years. Even better is the fact that the industry is estimated to generate more employment opportunities in comparison to other sectors in the U.S.
A major reason behind this can be attributed to the fact that baby boomers are getting older and so their need for health care and social assistance services is only expected to rise.
Jobs: Home care aides, social service workers, registered medical practitioners, registered/licensed nurses and other health care service professionals are common jobs within the health care sector.
Educational Requirements: Physicians, surgeons, nurses and some social workers require higher professional degrees and must undergo mandatory training. However, some nursing professionals and health care aides only need a high school diploma and basic training to get into the profession.
Employment Opportunities: According to the BLS, in the next 10 years the sector is expected to grow by 21%, which will add nearly 4 million more jobs to the sector. Experts suggest that home care services will supposedly be the fastest growing domain within the industry.
In the construction sector, a gradual increase in the number of jobs is expected to be observed over the next 8-10 years.
Jobs: This will mainly include site-based manual labor jobs, including framers, electricians, carpenters, plumbers, welders, equipment operators and so on. Managerial positions such as site supervisors, foremen and superintendents will also be available.
Educational Requirements: : For entry-level jobs, a high school degree, vocational training, apprenticeship or even less is needed. A high level of skill acquired through several years of experience can possibly land you a higher-paying job or prepare you for a managerial role.
For supervisor-level positions, a degree in construction management may be required.
Employment Opportunities: : : It is estimated that the job market for this sector will grow by 13% in the next 10 years. This will create over 800,000 new jobs.
It is anticipated that the education industry will bring more than 400,000 new jobs into the market in the next 10 years. This estimation is based on the increased need to prepare the future workforce for a technologically advanced society.
Jobs: Positions like tutors, teaching assistants, teachers, special educators, speech therapists, counselors and more are available within this sector. Additionally, education systems will also require administrative, support and physical plant staff.
Educational Requirements: A bachelor’s or master’s degree is required for positions such as teachers, administrators and counselors. A high school diploma and/or vocational training may be needed for supporting roles.
Employment Opportunities: : The U.S. education sector is predicted to witness massive growth in the next few years, with the addition of over 500,000 jobs. It is estimated that the job market for this sector will grow by 14%.
Business and Professional Services
Owing to the ongoing economic changeover from manufacturing to a services economy, this sector will experience intense growth in the coming years. From scientific roles and managerial positions to support staff, a wide range of jobs will be available within the professional and business realm.
Jobs: Within the domains of technical and scientific services, jobs for engineers, researchers, architects, scientific and advertising/media professionals are expected to be available. Likewise, managerial, administrative and business roles will be taken up by accountants, corporate trainers, sales managers, human resource professionals, financial managers and operations managers. Additionally, support staff may find jobs in indoor/outdoor maintenance, housekeeping and security.
Educational Requirements: :For the most part, managerial, scientific, administrative and financial positions will require a bachelor’s degree or a post-graduate degree. Professional licenses are likely to be required for employment as an auditor, engineer, architect, lawyer and doctor. Support staff positions such as maintenance, groundskeeping, and clerks might require you to hold at least a high-school diploma or sometimes less with some basic training only.
Employment Opportunities: In the coming decade, employment will rise by approximately 11% in this sector with the addition of over two million more jobs. Currently, the business and professional services sector is being served by approximately 20 million professionals
Mining and Oil/Gas Extraction
Dependency on local natural resources, less stringent regulations and recent mineral deposit discoveries all have worked in favor of the mining and gas/oil extraction sector to boost employment opportunities in upcoming years.
Jobs: Petrochemical engineers, truckers, machine operators, roustabouts and operations/production managers are just a few of the positions that will be available within the mining and gas/oil extraction sector.
Educational Requirements: Those who apply for managerial and engineering roles are generally expected to hold at least a bachelor’s degree. A major portion of the trade workforce will need a high school diploma along with on-job training. Machine operators and truck drivers may be expected to hold a commercial driver’s license (CDL).
Employment Opportunities: This sector has been forecasted to add nearly 200,000 new opportunities in the job market in the next couple of years, which will represent employment growth of 14.5 percent.
Being one’s own boss has long been the dream of nearly every professional. Due to a growing acceptance of freelance work across various domains and baby boomers’ desire to remain professionally active, the self-employment sector is expected to explode in the next few years.
Jobs: Professionals who choose to be a part of this booming sector may include writers, plumbers, consultants, web developers, graphic designers, drivers, artists, psychologists, counselors, and elderly/child care workers, among many others.
Educational Requirements: For most categories, vocational training and some sort of license are required. Advanced degrees are required for professionals such as lawyers and doctors. Also, there are several options and wherein you will not necessarily need a formal education, but possess certificates to show your mettle and gain client trust.
Employment Opportunities: The BLS predicts that the job market for this sector will grow by 9%, adding nearly 800,000 jobs in the next couple of years
Hospitality and Leisure
This sector itself has been one of the largest sources of employment across various domains, including recreation, lodging, food services and the arts for quite a long time. Automation and adoption of advanced technologies are likely to reduce weekly working hours, thereby offering more time to utilize on leisure activities.
Jobs: Resort and hotel staff, ticket takers, servers, performers, directors, camp staff, restauranteurs, housekeeping staff, fitness professionals, and even athletes are considered part of this industry.
Educational Requirements: While entry-level openings mostly require a high school diploma, managerial positions may require you hold a bachelor’s or master’s degree.
Employment Opportunities: With expected growth of almost 6%, this sector is predicted to bring over 450,000 new jobs into the U.S. employment market in the next 8-10 years.
The wholesale sector comprises businesses that purchase huge quantities of merchandise from large manufacturers to sell to either small companies who use them to produce new products, or retailers who sell them to end users. With the expansion of the U.S. economy, the wholesale sector is anticipated to grow steadily.
Jobs: Lobs under the wholesale sector include sales personnel, truck drivers, freight handlers, customer support staff, laborers, and clerks, among many other types.
Educational Requirements: For customer representatives, laborers and clerks, a high school degree may be required, whereas professionals in sales and technical jobs may need to hold a bachelor’s degree.
Employment Opportunities: A 2% increase in jobs is likely to occur in the wholesale trade sector, which is expected to add more than 300,000 jobs to the employment market.
The financial services sector offers opportunities in banking, insurance, investments, accounting, and real estate. The BLS predicts the will to witness remarkable expansion in the next 8-10 years, chiefly because of an increased retirement rate coupled with enhanced interest of people (especially the aging workforce) in retirement planning, housing and health insurance.
Jobs: Common jobs in this sector are insurance sales personnel, accountants, customer support staff, auditors, real estate sales professionals, financial products/services salespersons, underwriters and loan officers.
Educational Requirements: A high school diploma is required for entry-level jobs such as bank tellers and customer service reps. Loan officers, financial planners, accountants and similar high-paying jobs may require a bachelor’s degree or more.
Employment Opportunities: With employment growth of 6%, this sector will create almost 500,000 jobs in the U.S. market in the next several years. This is worth mentioning, as the financial services sector has had the most observable job shortage since 2007 – when the housing crisis dealt a serious blow to the U.S. economy.
Working in retail involves marketing and/or sales of products to end users or consumers, either via a physical store or online. Increased earnings across various sectors will catalyze growth in the retail sector – particularly the online segment – while adding more jobs to the U.S. retail scene in near future.
Jobs: Customer support professionals, sales personnel, cashiers, pharmacy technicians, order fillers, department supervisors, truck drivers, store managers, and digital marketers all fall under under the umbrella of the retail sector.
Educational Requirements: Low-paying jobs, including customer support, clerical positions and salespersons may only require a high school diploma. Store managers and department supervisors are generally expected to hold at least a bachelor’s degree.
Employment Opportunities: With an expected job market boost of 3%, the retail sector will generate many thousands of jobs in the U.S. market within the next 10 years.
Despite low unemployment rates and seemingly favorable market conditions, the danger of a job crunch in near future cannot be overlooked.
Continued automation and the introduction of advanced technology across various sectors will certainly bring down production costs, enhance overall productivity, and bring relief to employees with respect to workload and working hours. But at the same time, this trend will eliminate many of the jobs requiring a skilled workforce that are available today.
Entering the industries discussed above does not assure you of complete job security but choosing any one of them will surely help keep you less affected by any future job crunch.
So, whether you have just come out of college, are planning for a job change or looking to switch careers altogether, look at the industries discussed here for a better chance at a progressive and secure career.