Employment Trends in the U.S. Emerging Industries and Declining Sectors
The Bureau of Labor Statistics (BLS) has provided insights into the projected fastest growing and declining industries in terms of employment changes between 2021 and 2031 in the U.S. economy.
Among the fastest growing industries, Event Promoters, Agents, and Managers lead with an expected 39% growth, creating over 180,000 jobs by 2031. Amusement Parks and Arcades follow closely with a projected 38% increase, adding over 60,000 new employees in the same period. The Performing Arts industry ranks third, anticipated to experience a 35% upswing, resulting in a 100,000-strong workforce.
The Leisure and Hospitality sector dominates the top three fastest growing industries, largely due to its recovery from the pandemic’s impact in 2021.
On the other hand, the Individual and Family Services industry in the Health Care and Social Assistance sector is projected to see the largest total employment growth, adding 850,000 new workers by 2031 to meet the increasing demand for care services due to an aging population.
Computer Systems Design is another notable industry with a 20% growth projection, driven by the rising demand for computing infrastructure and IT security.
In contrast, certain industries are expected to face declining employment trends. Tobacco Manufacturing leads this group, with a projected 53% reduction in employment by 2031. CD & Tapes Manufacturing follows closely, facing a 51% decrease in employees.
Most industries experiencing significant employment contraction belong to the Manufacturing sector, with factors such as shifting consumption habits, automation, and offshore production contributing to the decline.
The BLS projections were released in September 2022 and do not account for the rapid rise of generative AI like ChatGPT, which may impact the economy. Recent reports suggest that AI could potentially replace 300 million jobs worldwide in the next decade, adding complexity to the future employment landscape alongside demographic trends and industry dynamics.
