Employment Projections 2024-2034

The U.S. economy is projected to add 5.2 million jobs from 2024 to 2034, the U.S. Bureau of Labor Statistics (BLS) reported today. Total employment is projected to increase to 175.2 million and grow 3.1 percent, which is slower than the 13.0-percent growth recorded over the 2014−24 decade. (See chart 1.)

Industry Employment

Healthcare and social assistance is projected to have the largest job growth and be the fastest growing industry sector (+8.4 percent). Employment growth in this sector is expected to be primarily driven by
both the aging population and the growing prevalence of chronic conditions, such as heart disease, cancer, and diabetes.

Demand for artificial intelligence (AI)-based systems, data processing, software development, research services, and associated consulting services are expected to drive the need for workers in both the
professional, scientific, and technical services sector (+7.5 percent) and the information sector (+6.5 percent). (See chart 2.)

Mining, quarrying, and oil and gas extraction declines (-1.6 percent) are expected to be driven in part by productivity gains through the adoption of emerging technologies, such as robotics and drones, used in
extraction. Though not the fastest decline, retail trade (-1.2 percent) is projected to lose the most jobs of any sector as automation, consolidation, and e-commerce are likely to continue to have a negative
employment effect on sales occupations at retail outlets. However, the growing volume of online purchases is expected to support employment growth in transportation and warehousing (+3.0 percent),
primarily due to an increasing volume of parcel shipments and deliveries.

Increased demand for electricity, primarily related to AI integration, electric vehicles (EVs), and new data centers, is expected over the next decade. As a result, the four top fastest growing industries are
related to energy generation. Solar, wind, geothermal, and other electric power generation, which includes tidal power, are projected to be the fastest growing industries over the projections period. (See
chart 3.) The four fastest growing industries combined are projected to add 41,600 jobs. The projected fifth-fastest growing industry, other electrical equipment and component manufacturing, includes battery
production used for storage and in EVs, is projected to add 48,400 jobs.
Among the ten fastest growing industries, the services for the elderly and persons with disabilities industry (+21.0 percent) is projected to add 528,500 new jobs, the most of any detailed industries.

Demand for in-home care will contribute to this growth. For more information, view the full article at the US Bureau of Labor Statistics.