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The U.S. is Expected to Add Nearly 8 Million Jobs Over the Next Five Years, But Middle-Wage Employment Will Continue to Fall Behind, CareerBuilder Study Finds
- CareerBuilder releases list of the fastest-growing and fastest-declining jobs from 2017 to 2022
- Low-wage jobs are likely to grow the fastest while middle-wage jobs will account for half of the job loss in the country

CHICAGO AND ATLANTA, Aug. 4, 2017 /PRNewswire/ -- Based on extensive analysis of historical and current labor market trends, CareerBuilder is projecting that 8,194,220 jobs will be added in the U.S. from 2017 to 2022 while 302,930 will be lost – for a net total of 7,891,290 new jobs over this time period (or 5 percent growth). While job growth is expected across pay levels, the study shows that middle-wage workers will likely take the brunt of the job loss and see job creation continue to lag behind other wage categories.

CareerBuilder logo (PRNewsfoto/Career Builder, Inc.)

Key Findings:

  • STEM-related jobs (science, technology, engineering and math) continue to dominate the list of fastest-growing professions while segments of manufacturing and construction will keep experiencing declines.
  • Low-wage employment is expected to have the highest net growth from 2017 to 2022 with 2,966,358 jobs added or a 5.57 percent increase. High-wage employment will grow 5.14 percent (2,735,885 jobs) while middle-wage employment will grow 4.1 percent (2,189,047).
  • Around half (49 percent or 148,012) of the 302,930 jobs that will be lost between 2017 to 2022 are middle-wage, twice the amount anticipated for high-wage and low-wage categories. High-wage occupations are expected to lose 79,825 jobs or 26 percent of the total job loss in the U.S. Low-wage occupations are expected to lose 75,093 jobs or 25 percent of the total job loss in the U.S.

For the purpose of this study, CareerBuilder and its labor market analysis arm Emsi defined low-wage jobs as those that pay $14.24 or less per hour; middle-wage jobs as $14.25-$23.23 per hour; and high-wage as $23.24 or more per hour. The research focused on the 785 occupations classified by the U.S. Bureau of Labor Statistics and included data for workers who are employed with organizations as well as those who are self-employed.

"Middle-wage workers are at the greatest risk for displacement especially as rapid advancements in technology reshape labor requirements," said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. "Their only choices are adopting new skills for a higher-paying job, being underemployed in a lower-skill job or leaving the workforce altogether. Either of the latter options will result in less spending, less investing and significant economic challenges. If we want to adequately prepare our labor force, we need to dramatically increase efforts to re-skill and up-skill workers today."

Fastest-Growing Jobs Across Wage Categories
Looking at occupations that are projected to add 20,000 jobs or more from 2017 to 2022, the following are those that will grow the fastest:

Occupation

2017 jobs

2022 jobs

Jobs Added
2017 to 2022

2017 to 2022
% Change

Median Hourly
Earnings

Personal Care Aides

2,008,531

2,339,769

331,238

16%

$10.89

Home Health Aides

1,013,137

1,178,352

165,215

16%

$11.25

Web Developers

177,110

202,855

25,745

15%

$30.75

Nurse Practitioners

150,044

171,123

21,079

14%

$50.14

Physical Therapists

233,420

261,573

28,152

12%

$41.57

Industrial Machinery Mechanics

346,418

386,926

40,508

12%

$24.65

Computer Systems Analysts

616,296

687,511

71,215

12%

$43.04

Software Developers, Applications

821,693

915,772

94,080

11%

$50.03

Market Research Analysts and Marketing Specialists

572,386

635,200

62,814

11%

$31.52

Personal Financial Advisors

258,216

285,099

26,882

10%

$43.87

Fastest-Declining Jobs Across Wage Categories
Looking at occupations that are projected to lose 5,000 jobs or more from 2017 to 2022, the following are those that will decline the fastest:

Occupation

2017 jobs

2022 jobs

Jobs Lost
2017 to 2022

2017 to 2022
% Change

Median Hourly
Earnings

Switchboard Operators, Including Answering Service

101,294

89,751

(11,542)

(11%)

$13.23

Door to Door Sales, News and Street Vendors and Related Workers

75,297

67,435

(7,863)

(10%)

$10.25

Printing Press Operators

173,754

165,857

(7,897)

(5%)

$17.22

Molding, Coremaking, and Casting Machine Setters, Operators and Tenders

133,711

127,773

(5,939)

(4%)

$14.27

Cutting, Punching and Press Machine Setters, Operators and Tenders

190,134

182,368

(7,766)

(4%)

$15.30

Sewing Machine Operators

155,204

148,875

(6,330)

(4%)

$11.38

Tellers

500,188

481,234

(18,955)

(4%)

$12.56

Construction Managers

361,317

349,077

(12,240)

(3%)

$34.25

Cooks, Fast Food

539,776

531,022

(8,755)

(2%)

$9.67

Bookkeeping, Accounting and Auditing Clerks

1,757,866

1,736,082

(21,784)

(1%)

$18.23

About CareerBuilder®
CareerBuilder is a global, end-to-end human capital solutions company focused on helping employers find, hire and manage great talent. Combining advertising, software and services, CareerBuilder leads the industry in recruiting solutions, employment screening and human capital management. It also operates top job sites around the world. CareerBuilder and its subsidiaries operate in the United States, Europe, Canada and Asia. For more information, visit www.careerbuilder.com.

Media Contact
Jennifer Grasz
773-527-1164
Jennifer.Grasz@careerbuilder.com
http://www.twitter.com/CareerBuilderPR

 

SOURCE CareerBuilder