One of the hardest decision any college student makes is what to major in. The fallout from the current tough economic times will likely be felt for many years to come. Because of this the job market may have changed considerably since you first thought of a major.
The Bureau of Labor Statistics current “Occupations Outlook Handbook” gives us a glimpse of job market may look like by 2016. It will be interesting to see if the next handbook changes due to the current economic climate, but there are some sectors that will remain the same.
Below is a listing of some of the information from the BLS outlook. Assuming you want a good job when you graduate college it may be worth your time to do some research of the projected job market.
Education and Health Service Jobs
This industry super sector is projected to grow by 18.8 percent, and add more jobs, nearly 5.5 million, than any other industry super sector. More than 3 out of every 10 new jobs created in the U.S. economy will be in either the health care and social assistance or public and private educational services sectors.
Health care and social assistance
Including public and private hospitals, nursing and residential care facilities, and individual and family services—will grow by 25.4 percent and add 4 million new jobs. Employment growth will be driven by increasing demand for health care and social assistance because of an aging population and longer life expectancies. Also, as more women enter the labor force, demand for childcare services is expected to grow.
Public and private educational services will grow by 10.7 percent and add 1.4 million new jobs through 2016. Rising student enrollments at all levels of education will create demand for educational services.
Professional and Business Service Jobs
This industry super sector, which includes some of the fastest growing industries in the U.S. economy, will grow by 23.3 percent and add 4.1 million new jobs.
Administrative, Support, Waste Management and Remediation Services
This sector will grow by 20.3 percent and add 1.7 million new jobs to the economy by 2016. The largest industry growth in this sector will be enjoyed by employment services, which will be responsible for 692,000 new jobs, or over 40 percent of all new jobs in administrative and support and waste management and remediation services.
Employment services ranks second among industries with the most new employment opportunities in the Nation and is expected to have a growth rate that is faster than the average for all industries. This will be due to the need for seasonal and temporary workers and for highly specialized human resources services.
Professional, Scientific, and Technical Services
These sectors will grow by 28.8 percent and add 2.1 million new jobs by 2016. Employment in computer systems design and related services will grow by 38.3 percent and add nearly one-fourth of all new jobs in professional, scientific, and technical services. Employment growth will be driven by the increasing reliance of businesses on information technology and the continuing importance of maintaining system and network security.
Management, scientific, and technical consulting services also will grow at a staggering 78 percent and account for another third of growth in this super sector. Demand for these services will be spurred by the increased use of new technology and computer software and the growing complexity of business.
Management of companies and enterprises will grow by 14.9 percent and add 270,000 new jobs.
Information Technology Jobs
Employment in the information super sector is expected to increase by 6.9 percent, adding 212,000 jobs by 2016. Information contains some of the fast-growing computer-related industries such as software publishing, Internet publishing and broadcasting, and wireless telecommunication carriers.
Employment in these industries is expected to grow by 32 percent, 44.1 percent, and 40.9 percent, respectively. The information super sector also includes motion picture production; broadcasting; and newspaper, periodical, book, and directory publishing. Increased demand for telecommunications services, cable service, high-speed Internet connections, and software will fuel job growth among these industries.
Leisure and Hospitality Jobs
Overall employment will grow by 14.3 percent. Arts, entertainment, and recreation will grow by 30.9 percent and add 595,000 new jobs by 2016. Most of these new job openings, 79 percent, will be in the amusement, gambling, and recreation sector. Job growth will stem from public participation in arts, entertainment, and recreation activities—reflecting increasing incomes, leisure time, and awareness of the health benefits of physical fitness.
Accommodation and food services
This sector is expected to grow by 11.4 percent and add 1.3 million new jobs through 2016. Job growth will be concentrated in food services and drinking places, reflecting increases in population, dual-income families, and the convenience of many new food establishments.
Trade, Transportation, and Utilities
Overall employment in this industry super sector will grow by 6 percent between 2006 and 2016. Transportation and warehousing is expected to increase by 496,000 jobs, or by 11.1 percent through 2016. Truck transportation will grow by 11 percent, adding 158,000 new jobs, while rail transportation is projected to decline.
Warehousing and Storage
This sector is projected to grow rapidly at 23.5 percent, adding 150,000 jobs. Demand for truck transportation and warehousing services will expand as many manufacturers concentrate on their core competencies and contract out their product transportation and storage functions.
Employment is expected to increase by 4.5 percent. Despite slower than average growth, this industry will add almost 700,000 new jobs over the 2006-2016 period, growing from 15.3 million employees to 16 million. While consumers will continue to demand more goods, consolidation among grocery stores and department stores will temper growth. Wholesale trade is expected to increase by 7.3 percent, growing from 5.9 million to 6.3 million jobs.
Employment is projected to decrease by 5.7 percent through 2016. Despite increased output, employment in electric power generation, transmission, and distribution and natural gas distribution is expected to decline through 2016 due to improved technology that increases worker productivity. However, employment in water, sewage, and other systems is expected to increase 18.7 percent by 2016. Jobs are not easily eliminated by technological gains in this industry because water treatment and waste disposal are very labor-intensive activities.
Employment is projected to grow 14.4 percent over the 2006-2016 period. Real estate and rental and leasing is expected to grow by 18 percent and add 392,000 jobs by 2016. Growth will be due, in part, to increased demand for housing as the population grows.
The fastest growing industry in the real estate and rental and leasing services sector will be activities related to real estate, such as property management and real estate appraisal, which will grow by 29 percent—remnants of the housing boom that pervaded much of the first half of the decade.
Finance and Insurance
This sector is expected to add 815,000 jobs, an increase of 13.2 percent, by 2016.
Securities, Commodity Contracts, and Other Financial Investments
This sector is expected to grow 46 percent by 2016, reflecting the increased number of baby boomers in their peak savings years, the growth of tax-favorable retirement plans, and the globalization of the securities markets.
Credit Intermediation and Related Services, Including Banks
This sector will grow by 8.2 percent and add almost one-third of all new jobs within finance and insurance. Insurance carriers and related activities are expected to grow by 7.4 percent and add 172,000 new jobs by 2016. The number of jobs within agencies, brokerages, and other insurance related activities is expected to grow about 15.4 percent. Growth will stem from the needs of an increasing population and new insurance products on the market.
Between 2006 and 2016, government employment, not including employment in public education and hospitals, is expected to increase by 4.8 percent, from 10.8 million to 11.3 million jobs. Growth in government employment will be fueled by an increased demand for public safety, but dampened by budgetary constraints and outsourcing of government jobs to the private sector.
State and local governments, excluding education and hospitals, are expected to grow by 7.7 percent as a result of the continued shift of responsibilities from the Federal Government to State and local governments. Federal Government employment, including the Postal Service, is expected to decrease by 3.8 percent.
Employment will grow by 14.9 percent. About 2 out of every 5 new jobs in this super sector will be in religious organizations, which are expected to grow by 18.9 percent. Other automotive repair and maintenance will be the fastest growing industry at 40.7 percent, reflecting demand for quick maintenance services for the increasing number of automobiles on the Nation’s roads.
Also included among other services are business, professional, labor, political, and similar organizations, which are expected to increase by 13.6 percent and add 68,000 new jobs. This industry includes homeowner, tenant, and property owner associations.