More than 8 million jobs to be added to U.S. economy over next decade
In a recent report, the U.S. Bureau of Labor Statistics says total employment is projected to increase from 158.1 million to 166.5 million and grow 0.5% annually.
The U.S. economy is projected to add 8.3 million jobs from 2021 to 2031, according to the U.S. Bureau of Labor Statistics.
Total employment is projected to increase from 158.1 million to 166.5 million and grow 0.5% annually, slower than the 1% annual growth recorded over the previous decade.
The projections use 2021 annual average employment levels as the base year, the BLS said in a news release on Thursday, Sept. 8.
It said the 2021 annual average levels do not reflect much of the employment recovery and reallocation that has already occurred in the aftermath of the COVID-19 pandemic and the accompanying recession, but noted the pandemic has been a catalyst for some structural changes in demand for certain goods and services.
These are expected to affect long-term demand for employment in a select group of industries and occupations.
The leisure and hospitality sector, for instance, is projected to experience the fastest employment growth of all sectors, owing mostly to the low base point in 2021. The health care and social assistance sector is projected to create the most jobs over the next decade, growing in tandem with the segment of the population that is aged 65 and over.
This should, in turn, boost demand for various healthcare occupations, especially those involved in caring for the elderly and those expected to benefit from the increased prevalence of team-based healthcare.
Total projected employment growth is conditional upon expected growth of the economy and of the labor force, both of which can be influenced by changes in the population.
Growth of the civilian non-institutional population is projected to slow to an annual rate of 0.7%, while the labor force is projected to grow at a 0.5% annual rate, about the same pace as that of the 2011-21 decade.