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  Industries of the Future
Industries of the Future
Consequently, for those of you dreaming to drop your business suit and stock profiles for jeans and a jackhammer, the construction industry will be ready and waiting for your arrival!
 

Maybe you're looking to make a career change, or maybe you're planning to start your own business and you want to know what industries hold the most promise. The U.S. Bureau of Labor Statistics has made its employment projections for the years 2002 to 2012, and has predicted that of the 21 million new jobs expected by 2012, more than 20 million jobs will be in the service-providing industries, while less than 1 million will be within the goods-producing industries. Therefore, if your life-long dream is to work for Nike managing the operations of a leading manufacturing factory of the latest athletic fashion, you might want to rethink that plan, seeing that the apparel manufacturing industry inside the U.S. is projected to go out of style in the next decade.

One of the areas seeing the greatest increase in jobs is the professional and business services industry, which is expected to increase by 4.8 million jobs. Included within this industry are such fields as employment services, consulting services, and computer systems design and related services, each of which are increasing jobs by more than 50% and can be seen in the chart below. Education and health services are also increasing rapidly, with total projected growth of 6.8 million jobs, more than 3 million of which are in the health care industry. The child day care field is expected to grow by 316,100 jobs (43%).

Fastest Growing Industries
in 2002-2012
Industry
Number Growth
(in thousands)
Percent Growth
Health services
3,501 
28% 
Employment services
1,764 
54% 
Computer systems design and related services
635 
55% 
Management, scientific, and technical consulting services
406 
55% 
Child day care services
316 
43% 
Source: Bureau of Labor Statistics

Why are these industries growing so much faster than others? The health services industry is growing as a result of the aging baby boomer generation. The number of people in older age groups will increase dramatically by the year 2012, requiring more frequent and more specialized health care and elder care. The number of children under the age of 5 is growing, as is the number of two-income families, driving an increase in the need for child-care. Professional and business services are growing in response to the increasing complexity of doing business. Many companies are seeking expert advice on topics as broad as strategic planning, location, and governmental regulations. Outsourcing certain business functions to specialists also reduces expenses by eliminating the costs associated with performing these tasks in house.

While some industries are growing by leaps and bounds, others are shrinking just as quickly. The manufacturing field is expected to be hard hit, with apparel manufacturing losing 245,000 jobs, a decrease of 69% as seen in the chart below. It is also evident that the industries of steel manufacturers and oil and gas extraction are each projected to lose 34,000 jobs, and chemical manufacturers (with the exception of drug companies) will likely lose 106,000 jobs, a loss of 17%. But not all goods-producing industries are facing declining employment; continued demand for residential and commercial property means that the construction industry is expected to generate more than one million jobs. Consequently, for those of you dreaming to drop your business suit and stock profiles for jeans and a jackhammer, the construction industry will be ready and waiting for your arrival!

Fastest Declining Industries
in 2002-2012
Industry
Number Decrease
(in thousands)
Percent Decrease
Apparel manufacturing
-245 
-69% 
Textile mills and products
-152 
 -31% 
Chemical manufacturing, except drugs
-106 
-17% 
Oil and gas extraction
-34 
-28% 
Steel manufacturing
-34 
-20% 
Source: Bureau of Labor Statistics

There are many reasons for the loss of jobs in the goods-producing industry. Competitive wages and inexpensive goods have driven many manufacturing companies to outsource. Rising costs of labor and healthcare in the United States are often prohibitive to small and medium size employers, who are often forced to close or send work overseas. Investments in technological advancements also reduce job availability, as many tasks that once required skilled workers are now completed by machines. Company mergers and acquisitions also reduce the number of available jobs.

So does this means that you should plan on a career as a consultant, or maybe open your own daycare center? Not necessarily. Although the consulting field is expected to add more than 400,000 jobs by 2012, competition will remain tight as the number of individuals looking to work as a consultant will most likely exceed the number of openings. Low wages and meager benefits means that satisfaction among daycare workers is low, while turnover is higher than average. Nevertheless, if you have the experience and education necessary to consult a company on its current marketing strategy, or you would like to dig your hands deep into the sticky messes of a day care center, the opportunities are likely to be there for you in the next decade.

Now that you know what industries are projected to grow and decline over the next decade, check out how they are paying today using our Salary Wizard.


- Kim Taylor, Compensation Analyst

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