Wednesday, May 11, 2016
The Bureau of Labor Statistics recently announced their results from the studies regarding the future of the labor market in U.S.A, in which several experts, including business real estate executive Adam Hochfelder elaborated their thesis on the labor market outlook. Apart from the actual trend of employment development, the study focused on the employment dynamics in the major industry sectors by 2035.
The further expansion of labor market and the ongoing worldwide globalization of industry, trade and services are resulting in new and changed skills requirements for employees. Adam H., an ARTIC member, has extensive experience in the real estate market, and as he says the world financial markets are comparing every location in terms of the profitability of an investment.
Due to the increasing number of retiring workers and the constant population growth, new job openings are forecasted, which means the number of workers is expected to increase. Considering this, Adam believes that we are most likely to see expanding employment in the service sector, in order to meet the demands generated by the aging. Adjusting to climate changes, positioning of certain tourist destinations and university centers will also have its affect on employment. Adam recognized identified additional potential in the sectors of information and communication technologies, as well as science and research.
Employment might decline with the expansion of the sharing economy and industry 4.0 logistics, transport, storage. Qualification of workers in the future will be even more important after the automation of routine activities.
Demographics will be the main driving forces shaping the labor market conditions into the future. However industries that are expected to experience largest employment increase belong to the health sector, social sector, pre-school and education. New job openings will be available in the hotel and restaurant businesses, the ICT sector (software, applications, cloud computing, big data) and services based on information and consultation.
Current trends will mostly reflect in the financial sector and insurance, and as Hochfelder says in an extensive Educause text, these changes of re dimensioning finance and closing branches are already revealing hints about the statistics on the labor market.
These date forecasts are for individual sectors. Ecological adaptation, especially in the field of energy and transport infrastructure, and the expansion of public transport will be the focus of the construction industry which is projected to have a moderate growth. A slight increase is also predicted for the trade business, due to the moderate growth of purchasing power and prosperity of online shopping.
In the field of telecommunications, media and publishing currently there are no major expectations for new job openings. When it comes to real estate, culture and creative activities the greatest benefit will go to those occupations related to technology (video games) and tourism-oriented culture and events. Unfortunately, as Adam Hochfelder explains, the bad predictions are for the small businesses. The public sector will remain the main pillar of the American employment market and create new sites primarily in the area of infrastructure or digitization, and e-government might lead to cutting jobs.