According to a report by the Bureau of Labor Statistics, the U.S. is expected to add approximately 20 million new jobs in the job market by the year 2020. Based on analysis from their 2011 research project, Global Institute made a prediction that the U.S. economy would have to create these jobs to regain full employment status. While the U.S. workforce is growing, the gaps in skill and education are increasing as well.
Since there is a correlation between higher education and increased economic growth, experts claim that the growth of the U.S. economy beyond 2020 is determinable by the level of education of the workforce. Therefore, it is suggested that areas with a well-educated labor force will experience economic growth and those with a highly under-educated population will see an economic decline.
Although a college degree or higher determines career success, some of the fastest-growing occupations of 2020 do not require college degrees. However, for the high-demand positions in competitive markets, employers of the future will increasingly seek applicants with a bachelor's degree or higher. Some of the high-demand careers will progressively require even more advanced training and higher education. Here are a few industries that are expected to grow by 30 percent or more by 2020:
The future of businesses is about information, data mining and analysis. Companies are always seeking more information that can provide insight and strategic advantages in the marketplace. Great career opportunities will be available for individuals who know how to find information and how to utilize it, especially in marketing and marketing research.
By 2020, the demand for marriage and family counseling and therapy is expected to grow by 40 percent, and this is only one example of many burgeoning occupations in the mental health field. In the past, physical health was most prevalent. Today, people see the importance of mental health as it relates to an enjoyable and meaningful life.
There is growing demand in computer technology and engineering for highly-skilled experts in computer systems and networking. Through 2020, there will be great demands for those specializing in computer technology, engineering and networking environments that can help companies gain a competitive edge through technology.
Research and creativity are essential for new and improved developments in technology, medicine and manufacturing. Professionals with advanced research skills in engineering, chemistry, math, biology and biotechnology will be in demand through 2020.
The U.S. Bureau of Labor Statistics predicts that the need for veterinarians will increase 35 percent through 2020. Consumer demand for pets, pet amenities and pet merchandise, as well as improvements in veterinary medical facilities, are the forces driving this requirement.
Health care and medicine will always be a major industry. There are a variety of specialty career opportunities within the medical industry. Medical professions such as dentists, nurses, specialists, optometrists, physical therapists and audiologists will soar in demand through 2020.
More needs for professionals in finance and investments will be a requirement due to federal and state tax law becoming more challenging, new regulations impacting traditional banking and increases in the complexity of financial and investment management. There will be more opportunities for authorities in corporate finance, tax accounting, investments and financial planning.
In the past, knowledge of basic finance, management and economics was the prerequisite for managers in business management and administration. However, in our global, fiercely competitive business environment, effective management is the key to success. Executives must have the ability to adapt, and also to change their company's direction overnight. Furthermore, future managers will be knowledgeable and stay abreast of the latest technology affecting their industry. There will be a high demand for business managers and administrators through 2020 and beyond.
Technology is revolutionizing the work environment. Jobs are now tasks. Labor is virtual, and companies are relying on flexible personnel such as contract workers. Although these trends offer fresh opportunities for creating new jobs in the U.S., the gaps in skill and education continues to grow. Efforts to address this shortcoming and to develop the U.S. workforce with skills matching employer needs is imperative.