The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) recently projected employment to increase by 11.5 million in the next decade.
On Oct. 24, the BLS released a projection stating employment would increase to 167.6 million jobs filled by 2026, an increase of 11.5 million up from 156.1 million in 2016. That’s a 0.7 percent annual growth.
The increase will be faster year-over-year compared to the 2006-2016 decade, mainly due to the recession, the BLS reported.
The healthcare industry is expected to see the vast majority of increase jobs because of high demand due to the aging populace. That same aging population is cited as the reason for a decline in the overall labor force over the course of the next 10 years.
Ethnic diversity will also change over the decade, according to the BLS. Asians and Hispanic workers are anticipated to grow faster than the average annual rate at 2.5 percent for Asians and 2.7 percent for Hispanics. The report stated Hispanics will make up one out of five workers by 2026.
Healthcare jobs will account for nearly one-third of all new jobs by 2026, in the 4 million range.