In 2018, the U.S. labor market offered more openings than there were job seekers. As 2019 begins, economic uncertainty remains due to the federal government shutdown that carried over from the previous year.
While the situation in Washington casts a shadow over the economy, ongoing labor market trends offer insight into which jobs will have the highest demand for the new year.
Healthcare leads 2019 as the industry with the highest percentage of job openings, according to the U.S. Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). While healthcare and professional/business services have historically been the top two sectors for job openings, healthcare briefly fell to third place in early 2017, behind retail. However, a dramatic increase in demand for healthcare jobs throughout 2017 and 2018, coupled with a decline in professional/business services from a 2018 high of 6.1% to 5.3%, has propelled healthcare back to the No. 1 spot.
These findings align with forecasts from trade organizations and independent analysis, such as a 2018 report from healthcare staffing consultancy Mercer. The report estimates that 2.3 million new hires will be needed in healthcare over the next six years, a rate that is outpacing the number of professionals entering the industry.
Some of the professions facing potential shortages include Home Health Aide and Personal Care Aide. Both positions boast some of the highest growth forecasts tracked by the CareerCast.me Jobs Rated report, but they also have relatively low median annual salaries, making them less attractive to potential applicants.
Pay is a key factor in job vacancies across multiple industries. In response to labor shortages, wages in the construction industry are rising. Forbes published a report in the latter half of 2018 highlighting lucrative opportunities emerging in the sector, which has been slowly recovering from the recession-induced employment drop-off.
However, income alone is not the only factor affecting job demand. Application Software Developers, for example, can earn an annual median salary of $101,790, while Registered Nurses earn $70,000 annually. Despite these competitive wages, demand for these professionals remains high due to shortages of qualified applicants with the necessary education and experience.
Over the past decade, the Center for Health Outcomes and Policy Research recommended educational initiatives to attract and prepare more nursing students. While these efforts initially helped meet demand when the projected growth outlook was over 22%, that number has now decreased to 15%, yet concerns about labor shortages persist.
In the case of Application Software Developers, the rapid proliferation of mobile-based internet usage has outpaced the supply of qualified professionals in the tech industry. The growth outlook for the field is a remarkable 31%, driven by the ever-evolving app economy and the increasing demand for innovative software solutions.
As 2019 unfolds, these job market trends indicate where demand is highest, highlighting the importance of targeted recruitment efforts and workforce development initiatives to address labor shortages in key sectors.
- Data Scientist
- Median Salary: $114,520
- Projected Growth: 19.00%
- Statistician
- Median Salary: $84,760
- Projected Growth: 33.00%
- University Professor
- Median Salary: $76,000
- Projected Growth: 15.00%
- Occupational Therapist
- Median Salary: $83,200
- Projected Growth: 24.00%
- Genetic Counselor
- Median Salary: $77,480
- Projected Growth: 29.00%
- Medical Services Manager
- Median Salary: $98,350
- Projected Growth: 20.00%
- Information Security Analyst
- Median Salary: $95,510
- Projected Growth: 28.00%
- Mathematician
- Median Salary: $84,760
- Projected Growth: 33.00%
- Operations Research Analyst
- Median Salary: $81,390
- Projected Growth: 27.00%
- Actuary
- Median Salary: $101,560
- Projected Growth: 22.00%
