Fastest-growing jobs in the U.S.

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

Among the multiple sets of data released by the U.S. Bureau of Labor Statistics, there is a particularly interesting one: employment projections. Once a year, the Occupational Outlook Handbook is published, containing relatively general predictions about the fastest-growing jobs in the country.

We are most interested in more detailed employment projections, which are based on the more sophisticated methodology (see the link at the end of the post). The latest available dataset contains predictions for changes in per-occupation employment numbers from 2014 to 2024.

Along with the current occupational employment data available from the same site, this allows us to look for occupations that are expected to show exceptional growth within the decade.

One particular study using the very same dataset was referenced in a Wall Street Journal article. It appears that job recovery has been significantly better for higher-paying jobs.

Let’s compare the findings. To do that, we split all occupations into three groups using the same thresholds: higher-paying jobs (median salary greater than $53,000), jobs with low wages (below $32,000) and everything in between.

Here’s the chart showing the occupations expected to gain the most jobs in each category, with the green line showing the relative increase for each occupation.

Projected number of new jobs by 2024 by occupation

Various occupations in the Healthcare sector clearly dominate the list, with Personal Care Aides and Registered Nurses occupations each being expected to gain around 450,000 new jobs in 10 years.

Let’s see some other highlights from the list.

  • Personal Financial Advisors – while the expected gain is relatively small in absolute terms, the growth rate is exceptionally high at 30 percent.
  • Software Developers and Computer Systems Analysts both show predicted growth around 20 percent. Elementary School Teachers were another high-paying job with similar numbers.
  • Electricians are one of only a few “routine” jobs on the list with an expected 14 percent increase.

Finally, here’s the map showing where those projected new jobs would be located if we assume that geographical patterns for each occupation would remain largely unchanged.

Employment growth by state and fastest growing jobs.

Source(s):

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About Andrey Kamenov

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

Andrey Kamenov is a data scientist working for Advameg Inc. His background includes teaching statistics, stochastic processes and financial mathematics in Moscow State University and working for a hedge fund. His academic interests range from statistical data analysis to optimal stopping theory. Andrey also enjoys his hobbies of photography, reading and powerlifting.

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