Last April, job openings hit a record high. According to the Labor Department, there were 6.7 million job openings, the best trend in more than 18 years.
What about now? Are things better or worse than a year ago? This article will explore which industries are growing rapidly, which industries are stagnant, and what types of jobs are in high demand.
What is the state of the job market?
At the end of February 2019, the number of job openings in the United States fell by almost 600,000. That being said, the total openings were still higher than the previous year. This past year has seen an overall steady increase in job openings, starting from 6.7 in April 2018 to more than 7.6 million in January 2019.
But analysts expect these numbers to fall to 6.3 million at the end of May 2019. But the decrease isn’t yet a call to panic. First, because the number of job openings is still significant. And second, analysts have been wrong before. Two of the four previous estimates beat expectations by around 400,000.
Which industries are growing?
Not all industries grow at the same rate. The following is a list of some of this country’s fastest growing industries:
1. Heavy civil engineering construction. This type of construction does not refer to highway or bridge construction. Rather it deals with dredging, land drainage, and marine facilities. Experts project growth every year through 2023.
2. Internet publishing and web search portals. From 2008 to 2017, this industry experienced an employment growth rate of 172.1 percent. And it’s not showing signs of stopping. The Bureau of Labor Statistics classifies it as the fastest growing industry - 30 times faster than the national average.
3. Renewable energy. Did you know this industry employs around 2.7 million people in the United States? As the demand for renewable energy continues to grow, so do the number of available jobs.
4. Data security. It seems every few months we hear about data breaches and information hacks. With so much information stored online, data security is more important than ever. Some predictions say there will be more than three million unfilled cybersecurity positions by 2021 throughout the world.
Which industries are stagnant?
While some industries are growing rapidly, others are slowing down.
1. Manufacturing. Slowing down does not mean failing. The U.S. manufacturing industry is still strong, it’s just not growing at the same rate it was pre-2018.
2. Trucking. The growth of the trucking and freight industry is slowing. American Trucking Associations Chief Economist Bob Costello predicts only a 2.5 percent annual growth rate.
3. Oil and natural gas. At the end of 2018, global core energy industries hit a 16-month low. Crude oil experienced negative growth and natural gas slowed to 0.5 percent.
4. Food service. The growth forecasts for this industry are described as “spotty.” While projections say that 2019’s growth rate will fare better than 2018’s, the rate is still only around 5 percent.
What types of jobs are in high demand?
CNN recently reported on some of the most-in-demand jobs for 2019. Here are the top five: