18 Million New Jobs Projected Through 2014

The Bureau of Labor Statistics (BLS), U.S. Department of Labor, today released projections on future job growth by industry and occupation and on the likely composition of the workforce pursuing those jobs.

Employment Over the 2004-14 decade, total employment is projected to increase by 18.9 million jobs, or 13 percent. Over the previous decade (1994-2004), total employment grew at the same annual rate and increased by 16.4 .million jobs.

Industry employment Employment growth will continue to be concentrated in the service-providing sector of the economy. Educational services, health care and social assistance, and professional and business services represent the industry sectors with the strongest employment growth; these sectors are projected to grow more than twice as fast as the overall economy.

Construction employment is projected to grow, but at a slower pace than during the previous decade (1994-2004). Manufacturing employment, however, is expected to decline by 5 percent, much less than the 16 percent decline that occurred in the previous decade. Nonetheless, employment in goods-producing industries is expected to decrease from 15 percent to 13 percent of total employment.

The 10 detailed industries with the largest wage and salary employment growth, led by employment services, local government education, and offices of physicians, are in the service-providing sector.

Eight out of the 10 detailed industries with the largest wage and salary employment declines, including cut and sew apparel manufacturing, are in the manufacturing sector.

Occupational employment Professional and related occupations and service occupations-two groups on opposite ends of the educational and earnings ranges-are projected to add the most jobs, accounting for 6 out of 10 new jobs created over the 2004-14 period.

Business and financial operations occupations, professional and related occupations, and service occupations are projected to grow faster than the 13 percent average for all occupations.

Production occupations and farming, fishing, and forestry occupations are projected to lose employment over the period.

Nine of the 10 fastest growing occupations are health or computer (information technology) occupations.

Five of the 10 occupations adding the most jobs are service occupations.

Education and training categories An associate or bachelor's degree is the most significant source of postsecondary education or training for 6 of the 10 fastest growing occupations.

Short-term on-the-job training is the most significant source of postsecondary education or training for 5 of the 10 occupations with the largest job growth.

Labor force The civilian labor force is projected to increase by 14.7 million over the 2004-14 decade, reaching 162.1 million by 2014. This 10 percent increase is less than the 12.5-percent increase over the previous decade, 1994-2004, when the labor force grew by 16.3 million. The labor force will change in composition, as a result of changes in both the composition of the population and in the rates of labor force participation across demographic groups. The projected labor force growth will be affected by the aging of the baby-boom generation-persons born between 1946 and 1964. In 2014, baby-boomers will be ages 50 to 68 years, and this age group will grow significantly over the 2004-14 period. The labor force will continue to age, with the number of workers in the 55-and-older group projected to grow by 49.1 percent, nearly 5 times the 10 percent growth projected for the overall labor force. Youths- those between the ages of 16 and 24-will decline in numbers and lose share of the labor force, from 15.1 percent in 2004 to 13.7 percent in 2014. Prime-age workers-those between the ages of 25 and 54-also will lose share of the labor force, from 69.3 percent in 2004 to 65.2 percent in 2014. The 55-and-older age group, on the other hand, is projected to gain share of the labor force, from 15.6 percent to 21.2 percent.

Over the 2004-14 projection period, the number of women in the labor force is projected to grow by 10.9 percent, faster than the 9.1-percent growth projected for men. As a result, women's share of the labor force is expected to increase from 46.4 percent in 2004 to 46.8 percent by 2014. In contrast, men's share is projected to decline from 53.6 percent to 53.2 percent over the decade.

By 2014, the Hispanic labor force is expected to reach 25.8 million, due to faster population growth resulting from a younger population, higher fertility rates, and increased immigration levels. Despite relatively slow growth, whites will remain the largest group, composing 80.2 percent of the labor force. Blacks will constitute 12.0 percent of the labor force. Asians will continue to be the fastest growing race group, climbing to 5.1 percent of the labor force in 2014.

BLS Releases 2004-14 Employment Projections About GRN GRN is a rapidly growing network of franchise offices that offers management, technical, professional and executive search services to the corporate community. They specialize in identifying, attracting and placing top talent for their clients. For more information about GRN, visit http://www.grncorp.com.

CONTACT INFORMATION: Wyn Jones Global Recruiters Network, Inc.

World Headquarters Esplanade at Locust Point Downers Grove, IL 60515 866-GRN-(476)-8200 > Fax: (630) 663-1919 > Email: [email protected]

For More Infromation Please contact:
Wyn Jones
Phone: 866-GRN-(476)-8200
Email: [email protected]

Global Recruiters Network News and Press Releases

This article has been read 1731 times.