The 2020 Mid-Year Economic Update_long

Health Care a Top Growth Market through 2018, Report Suggests

Bureau of Labor Statistics employment projections provide a guide on potential growth markets for distributors.

The Bureau of Labor Statistics recently released employment projections per industry from 2008 to 2018, providing a broad gauge for distributors looking for growth industries.

Health care and social assistance services, and professional and business services, are expected to generate more than half the increase in total employment over this time period. The leisure and hospitality sector and state and local government will also grow. (Projecting employment numbers over a 10-year time period is a difficult task. If you want to see specific projections, visit this Bureau of Labor Statistics page.)

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Just one service-providing sector, according to BLS, is expected to see employment declines from 2008 to 2018: utilities. That decline is expected to be in the tens of thousands, however, not millions.

The construction sector is expected to see employment growth over the projected period.

But, perhaps unsurprisingly, manufacturing employment will continue to decline over the 10 years, but will be much less severe than during the past decade when manufacturing lost 4.1 million jobs.

The full employment projections report in pdf can be found here.

Recent reports released by various job-services companies show some optimism employment will increase overall in 2010. On the hiring front, in all industries, 20% of employers plan to increase the number of full-time employees in 2010, up from 14% in 2009, reported in its annual U.S. Job Forecast.

What is the right time to rehire in 2010? Learn more in the upcoming MDM Webcast, Managing Talent in This Recovery. Register Now.

According to Adam Fein in his Webcast, "2010 Economic Forecast for Wholesale Distribution," last month, employment growth is one key to economic recovery. Listen to an audio clip from that Webcast, or order the full 90-minute Webcast on CD-ROM.

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