Health care industry to grow exponentially over the next decade

Health care industry to grow exponentially over the next decade

Health care industry to grow exponentially over the next decade

By | 2015-12-14T06:28:22+00:00 December 14th, 2015|Categories: Benefits Corner|0 Comments

According to a recent report from the United States Bureau of Labor Statistics, the health care industry will see faster employment growth and add more jobs than any other sector over the next decade. This industry will see expansion in every area, meaning it will continue to be one of the major sources of employment.

Service-providing sectors are projected to make up nearly 95 percent of all the jobs added between 2014 and 2024. There will be roughly 9 million new service health care jobs added over the course of the next decade, with 3.8 million on the social assistance side of things. The social assistance sector will increase its overall employment share from 12 percent in 2014 to 13.6 percent in 2024.

Three of the fastest-growing occupational employment groups between 2014 and 2024 will be health care support operations and health care practitioners and those who deal with the IT side of health care. About one in four new jobs in the health care industry will be in one of these two groups, which are projected to add 2.3 million new jobs in this time frame, according to the Bureau.

"According to a recent report from the United States Bureau of Labor Statistics, the health care industry will see faster employment growth and add more jobs than any other sector over the next decade."

Personal care aide employment is expected to grow by nearly 500,000 jobs over this next decade. Registered nurse employment will be just under this number, with a projected 439,000 expected. These will be two major areas of continues and sustained health care industry growth, despite the numbers being slightly lower than the other sectors in this area of employment.

To put these numbers into perspective, the total civilian labor force of the United States is projected to reach 163.8 million by 2024, growing at an annual rate of 0.5 percent each year. The growth of the health care industry alone makes up a large percentage of these numbers, which is why this line of work will continue to be profitable for many years into the future.

Over the past year alone, the health care industry has added 470,000 new jobs. Here is a break down of the major areas where jobs where created over the previous 12 months:

  • Ambulatory services added 31,200 jobs
  • Hospitals accounted for 13,400 jobs

In fact, the only area where the health care industry actually lost jobs, according to the Bureau of Labor Statistics, was the home health care sector. This part of the industry represented 1.6 percent loss in total jobs, shedding 1,200 workers in the month of November alone. However, every other sector is seeing health expansion and is projected to see that growth continue.

Whether you choose to go the home health care route or visit a local physician, be sure to check back here again for more health insurance help and information. Contact a member of our team to learn more about available options.

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