New Employment Projections

Every Wednesday this year, this blog will examine a different work-from-home job or business, giving a description and some ideas to help you embark on that endeavor. Today, we will briefly look at what the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) predicts about employment trends.

A BLS press release from December 2009 contains projections for the 2008 to 2018 period. Total employment is projected to increase by 15.3 million, or 10.1 percent, during the 2008-18 period. The projections show an aging and more racially and ethnically diverse labor force, and employment growth in service-providing industries. More than half of the new jobs will be in professional and related occupations and service occupations. In addition, occupations where a postsecondary degree or award is usually required are expected to account for one-third of total job openings during the projection period.

Projected employment growth is concentrated in the service-providing sector, continuing a long-term shift from the goods-producing sector of the economy. From 2008 to 2018, service-providing industries are projected to add 14.6 million jobs, or 96 percent of the increase in total employment. The two industry sectors expected to have the largest employment growth are professional and business services (4.2 million) and health care and social assistance (4 million).

Three of the 10 detailed industries projected to have the most employment growth are in professional and business services: management, scientific, and technical consulting; computer systems design; and employment services. Altogether, these three industries are expected to add 2.1 million jobs. Four of the top 10 gainers are in health care and social assistance industries. Employment in offices of physicians, home health care, services for the elderly and persons with disabilities, and nursing care facilities is expected to grow by 2 million.
This means that work-from-home businesses and jobs could thrive, given that most of those businesses are in the service-providing sector. Next Wednesday, we will take a look at accounting and bookkeeping from home.

Until next time,

Sarah