Regional Economy & Fastest Growing Jobs

§  The two fastest growing sectors, Professional, Technical and Business Services (19.3%) and Health and Educational Services (16.2%) will also add the most jobs, expanding by 87,110 and 94,450 jobs, respectively and representing more than two-thirds of all new jobs. Health Care alone will account for nearly 64,000 jobs during the projection period. The third fastest growth rate was in Leisure and Hospitality (11.9%) which is projected to add 34,650 jobs.

§  On a more detailed basis, seven industries are expected to increase by more than 10,000jobs. These include Food Services and Drinking Places (22,480), Private Hospitals (22,320), Management and Technical Consulting (14,510), Residential Care Facilities(12,950), Employment Services (12,930), Offices of Health Practitioners (12,680), Colleges and Universities (11,900) and Computer Systems Design (10,920). Collectively, these seven industries account for nearly 121,000 jobs or 45.4%) of the 265,800 projected new jobs.

§  Among the 30 fastest growing occupations, 19 are in either health care or information technology. In terms of education and training, 22 of these fast growing occupations require at least an Associate’s Degree. The top five fastest growing occupations include Network Systems Analysts (43%), Computer Software Systems Engineers (39%), Computer Applications Engineers (39%), Home Health Aides (38%) and Biomedical Engineers (34%).

§  Twenty occupations will account for nearly half the new jobs created through 2014. Many are large occupations concentrated in industries such as Retail Trade and Hospitality. The five occupations generating the most new jobs are expected to include Registered Nurses (16,900), Retail Salespersons (10,400), Computer Software Applications Engineers (8,760), Postsecondary Teachers (8,550) and Janitors and Cleaners (7,650).

It is important to remember that most job openings will be the result of replacement demand and not growth. In fact, over 70% of the 1.1 million projected openings will occur because of replacement associated with retirement, labor force withdrawal and occupational changers. Replacement needs tend to be greatest in occupations with high proportions of workers nearing retirement (teachers, machinists) or occupations with large concentrations of young and part time workers (waiters and waitresses, retail salespersons).

Nevertheless, education and training will play an increasingly prominent role for both current and future job seekers. More than half (56%) of all new jobs related to growth will require an Associate’s Degree or higher. While a Bachelor’s degree may be preferable, it is important to recognize that some form of post-secondary education will be essential for those seeking rewarding career paths with good pay and upward mobility.