Here are five industries in the US slated for double-digit growth over the next decade.
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It’s no surprise to see a large number of people playing outside, eating in restaurants, shopping, and traveling now that life is returning to normal. It’s that same relief that is spurring growth in the travel industries. But will those industries continue to expand? Or are they experiencing a boom in the aftermath of the pandemic?
Over the past two years, information technology (IT), construction, personal services, food services and healthcare sustained the economy during the pandemic. The Bureau of Labor Statistics estimates that many of those industries will continue to experience exponential growth in this post-pandemic era.
What does this mean for job seekers? Opportunity.
Most job seekers are looking for a career in a stable industry with a positive outlook for growth and an opportunity for career advancement. With today’s tight labor market, job hunters are being offered proportionately higher starting wages compared to two years ago for the same positions. This makes it a great time to explore a new industry in tune with your values and skillset.
While experts can’t agree on the top five, here are five industries in the US slated for double-digit growth over the next decade.
- Personal services
This industry includes a wide range of services from wedding planning and pet care to house cleaning and food delivery. The BLS expects a 17% increase in employment in this industry before 2028, which is why it takes the number one spot on the list.
Food delivery alone realized sales over $51 billion in 2020, up from $28 billion in 2019.
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If you’re driven and motivated to work for yourself, there are a lot of opportunities to create your own business in the personal services industry. Many of these jobs have a low barrier to entry.
- Travel
The travel industry is poised to grow over 13% between 2022 and 2026. The largest segment in the travel industry is hotels but also includes airlines, tour operators, holiday packages, and more. Its growth is largely owing to social media influencers.
Research shows that 82% of American travelers are “excited to travel in the next 12 months.” That same report found that Americans are regaining a sense of normalcy as COVID loses its effect on the perceived ability to have meaningful travel experiences. This is great news for workers with the travel bug.
- Information technology
The fastest growing positions in this field include computer support specialists, aka the help desk. The information technology (IT) industry employs people who test, assess, and maintain hardware and software associated with complex computer systems. BLS growth projections for this field are 12% over the next decade. Just some of the jobs in IT include programmers, IT managers, computer system analysts, cyber security experts, and information research scientists.
Entry level positions often do not require a college degree, although, expect to compete with professionals that do. Focus on your experience and on-the-job training and certification courses.
- Healthcare
Just before the pandemic went into full swing, the Bureau of Labor Statistics (BLS) projected five of the twenty fastest growing industries between 2019 and 2029 would be in healthcare and social assistance. Largely this was owing to the aging baby boomer generation, longer life expectancies, and continued growth in the number of patients with chronic medical conditions. This industry continues to experience double-digit growth with expected 12% growth rate.
During the pandemic 20% of health care workers quit. Most of these workers were simply burned out. According to reports, the US will need an additional 1.1 million nurses to meet growing demands in the near future.
- Construction
From landscaping to kitchen remodels to healthcare facilities, construction continues to experience tremendous growth. The BLS predicts a 11% growth rate during this decade. Large-scale urban development projects are painting the landscape for the construction field, as are healthcare facilities and hospitals.
Construction superintendents make upwards of $85,000 (national average). Other high-paying construction industry jobs include civil engineer and construction manager. Jobs in the trades, mason, ironworker, plumber, and electrician, earn workers more than $25/hour. Trade schools offer an excellent starting point into this growing industry.
When choosing a career path, it’s important to remember that every industry has a host of different positions. So, if the thought of being a nurse keeps you up at night, remember the healthcare industry also needs marketing experts, accountants, and IT professionals.
Most industries have their own microcosm keeping the wheels turning.