Last month CareerBuilder research found that hiring is on the rise, and wages are increasing, too. Now, based on extensive analysis of historical and current labor market trends, CareerBuilder has more good news — new data projects that 8,194,220 jobs will be added in the U.S. from 2017 to 2022. And while 302,930 will be lost – that’s a net total of 7,891,290 new jobs over this time period (a 5 percent growth).
While job growth is expected across pay levels, the study shows that middle-wage workers will likely take the brunt of the job loss and see job creation continue to lag behind other wage categories.
Here’s a look at some highlights from the research:
- STEM-related jobs (science, technology, engineering and math) continue to dominate the list of fastest-growing professions while segments of manufacturing and construction will keep experiencing declines.
- Low-wage employment is expected to have the highest net growth from 2017 to 2022 with 2,966,358 jobs added or a 5.57 percent increase. High-wage employment will grow 5.14 percent (2,735,885 jobs) while middle-wage employment will only grow 4.1 percent (2,189,047).
- Roughly half (49 percent or 148,012) of the 302,930 jobs that will be lost between 2017 to 2022 are middle-wage, twice the amount anticipated for high-wage and low-wage categories. High-wage occupations are expected to lose 79,825 jobs or 26 percent of the total job loss in the U.S. Low-wage occupations are expected to lose 75,093 jobs or 25 percent of the total job loss in the U.S.
Fastest-Growing Jobs Across Wage Categories
Looking at occupations that are projected to add 20,000 jobs or more from 2017 to 2022, the following are those that will grow the fastest:
|
Occupation |
2017 Jobs |
2022 Jobs |
Jobs Added 2017 to 2022 |
2017 to 2022 % Change |
Median Hourly Earnings |
|
Personal Care Aide |
2,008,531 |
2,339,769 |
331,238 |
16% |
$10.89 |
|
Home Health Aide |
1,013,137 |
1,178,352 |
165,215 |
16% |
$11.25 |
|
Web Developer |
177,110 |
202,855 |
25,745 |
15% |
$30.75 |
|
Nurse Practitioner |
150,044 |
171,123 |
21,079 |
14% |
$50.14 |
|
Physical Therapist |
233,420 |
261,573 |
28,152 |
12% |
$41.57 |
|
Industry Machinery Mechanic |
346,418 |
386,926 |
40,508 |
12% |
$24.65 |
|
Computer Systems Analysts |
616,296 |
687,511 |
71,215 |
12% |
$43.04 |
|
Software Developers, Applications |
821,693 |
915,772 |
94,080 |
11% |
$50.03 |
|
Market Research Analysts and Marketing Specialists |
572,386 |
635,200 |
62,814 |
11% |
$31.52 |
|
Personal Financial Advisors |
258,216 |
285,099 |
26,882 |
10% |
$43.87 |
Fastest-Declining Jobs Across Wage Categories
Looking at occupations that are projected to lose 5,000 jobs or more from 2017 to 2022, the following are those that will decline the fastest:
|
Occupation |
2017 Jobs |
2022 Jobs |
Jobs Lost 2017 to 2022 |
2017 to 2022 % Change |
Median Hourly Earnings |
|
Switchboard Operator, Including Answering Service |
101,294 |
89,751 |
(11,542) |
(11%) |
$13.23 |
|
Door to Door Sales, News and Street Vendors and Related Workers |
75,297 |
67,435 |
(7,863) |
(10%) |
$10.25 |
|
Printing Press Operators |
173,754 |
165,857 |
(7,897) |
(5%) |
$17.22 |
|
Molding, Coremaking, and Casting Machine Setters, Operators and Tenders |
133,711 |
127,773 |
(5,939) |
(4%) |
$14.27 |
|
Cutting, Punching and Press Machine Setters, Operators and Tenders |
190,134 |
182,368 |
(7,766) |
(4%) |
$15.30 |
|
Sewing Machine Operators |
155,204 |
148,875 |
(6,330) |
(4%) |
$11.38 |
|
Tellers |
500,188 |
481,234 |
(18,955) |
(4%) |
$12.56 |
|
Construction Managers |
361,317 |
349,077 |
(12,240) |
(3%) |
$34.25 |
|
Cooks, Fast Food |
539,776 |
531,022 |
(8,755) |
(2%) |
$9.67 |
|
Bookkeeping, Accounting and Auditing Clerks |
1,757,866 |
1,736,082 |
(21,784) |
(1%) |
$18.23 |
What Does This Mean For You?
CareerBuilder CEO Matt Ferguson said: “Middle-wage workers are at the greatest risk for displacement especially as rapid advancements in technology reshape labor requirements. Their only choices are adopting new skills for a higher-paying job, being underemployed in a lower-skill job or leaving the workforce altogether. Either of the latter options will result in less spending, less investing and significant economic challenges. If we want to adequately prepare our labor force, we need to dramatically increase efforts to re-skill and up-skill workers today.”
So what can you do to help? As competition for talent continues to heat up, companies should prioritize employees’ training and career development not only as a means to have a more effective workforce, but also as a way to keep strong performers around. Lack of career opportunities is a top reason employees say they leave an organization, so making this investment is pivotal. And although it’s certainly a retention tactic, it’s also a recruitment one. Job seekers from entry-level to executive say continued learning and development is among the most important aspects of a prospective job. This makes sense, since continuous learning is key when crafting a sustainable career.
There are many ways this kind of skills building can be executed. First, training is huge. The majority of employers we’ve surveyed said they’ve hired a person who does not fully meet the stated requirements for the role and then trained them on the job. Online classes, tuition reimbursement and mentoring programs are just a few of the ways employers can help employees expand their skills.
Lastly, CareerBuilder and Capella Learning Solutions launched an initiative called RightSkill, which enables workers to upskill and reskill for in-demand jobs. The program teaches competencies online based on real-time data and guidance from employers.
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