Industries With Growth Potential

With unemployment reaching a record high, you might be thinking are there any business sectors that are actually growing? The answer is yes. There are several fast growing industries:-

1. One area where we will see a growth in jobs is in consultancy. Business will always need consultants such as in management, scientific or technical. These jobs are relatively high paying and are predicated by the Bureau of Labor Statistics (BLS) to grow to about 1.6 million by 2016. As of 2006, the number stood at 920,000, so we’re looking at 74% increase in this area.
2. Human resources companies are increasing, business are looking to save money and so they seek the help of these human resources specialists.
3. The health care sector is a rapidly growing industry. With medical advancement and technological breakthroughs there is a fast increase in the need for health care people. This also includes home health care aids and nursing home workers as the general population increases in age.
4. The leisure industry is another sector that may add plenty of jobs. Some jobs will be in the area of hotels, but mostly in the eating and drinking service.
5. What about the financial industry? BLS estimated an increase of 1.2 million jobs! With the recession and economy breakdown thousands of workers have lost their job in the financial services. Hopefully most of these will come back.

BLS also predicates a big demand for teachers and school staff in the future and this will increase the number of jobs in the education sector.

Are The Numbers Dependable?

So how reliable are these job projections by BLS?

When BLS made this forecast about the growing industries they had no knowledge about the credit crunch and the current state of the economy. What they do is conduct a 10 year projection. They are not in the business of forecasting a deep recession.  They say “things can average out”.

Would the projections have been different if they were made knowing that the economy is going to crash?

If you are looking for a job or thinking of changing the one you already have, BLS provides a fairly good resource on Occupational Handbooks that describe many different types of positions, what is involved in each, and more importantly its future outlook.

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