Roughly 760,000 new jobs will be added in home health care services, a compound annual growth rate of 4.8 percent.
Healthcare occupations and industries are expected to have the fastest employment growth and to add the most jobs between 2014 and 2024 of any sector in the U.S. economy, the Bureau of Labor Statistics (BLS) reported December 8. And, within this “healthcare and social assistance” sector, home health will experience the highest compound annual growth rate for the decade.
HIGHLIGHTS of the Labor Department’s BLS employment projections for the 2014-2024 decade, with an emphasis on this sector:
- Roughly 760,000 new jobs will be added in home health care services, a compound annual growth rate of 4.8 percent. Employment would exceed 2 million. This would make it the fastest growing employer, according to the BLS projections. By contrast, construction, which would add the most jobs of any industry during the decade, 790,000, would have a compound annual growth rate of 1.2 percent.
- Also in the “healthcare and social assistance” sector, about 736,000 jobs would be added in nursing and residential care facilities employment, for a 2.1 percent compound annual growth.
- About 395,000 (private) hospital jobs would be added, for a 0.8 percent growth rate. In addition to hospitals, BLS anticipates job growth of 523,000 in physician offices, 352,000 in other health practitioner offices, 348,000 in outpatient care centers, and 160,000 in dentist offices. It should be noted the compound annual growth in outpatient care centers is projected at 4.1 percent, second behind home health care services.
As BLS summarized its overall employment projections: “Service-providing sectors are projected to capture 94.6 percent of all the jobs added between 2014 and 2024. Of these 9.3 million new service sector jobs, 3.8 million will be added to the healthcare and social assistance major sector.”
This sector “is expected to become the largest employing major sector during the projections decade, overtaking the state and local government major sector and the professional and business services major sector. Healthcare and social assistance is projected to increase its employment share from 12.0 percent in 2014 to 13.6 percent in 2024.”
Healthcare support occupations and healthcare practitioners and technical occupations “are projected to be the two fastest growing occupational groups during the 2014 to 2024 projections decade. These groups are projected to contribute the most new jobs, with a combined increase of 2.3 million in employment, representing about 1 in 4 new jobs.”
Conversely, manufacturing employment, between 2014 and 2024, is projected to decline at a 0.7 percent rate annually, a more moderate decline than the 1.6 percent rate experienced in the prior decade.