U.S. Expected to Add Nearly 8 Million Jobs Over Next Five Years

Based on extensive analysis of historical and current labor market trends, CareerBuilder is projecting that 8,194,220 jobs will be added in the U.S. from 2017 to 2022 while 302,930 will be lost – for a net total of 7,891,290 new jobs over this time period (or 5 percent growth). While job growth is expected across pay levels, the study shows that middle-wage workers will likely take the brunt of the job loss and see job creation continue to lag behind other wage categories.

Based on extensive analysis of historical and current labor market trends, CareerBuilder is projecting that 8,194,220 jobs will be added in the U.S. from 2017 to 2022 while 302,930 will be lost – for a net total of 7,891,290 new jobs over this time period (or 5 percent growth). While job growth is expected across pay levels, the study shows that middle-wage workers will likely take the brunt of the job loss and see job creation continue to lag behind other wage categories.

Key Findings:

  • STEM-related jobs (science, technology, engineering and math) continue to dominate the list of fastest-growing professions while segments of manufacturing and construction will keep experiencing declines.
  • Low-wage employment is expected to have the highest net growth from 2017 to 2022 with 2,966,358 jobs added or a 5.57 percent increase. High-wage employment will grow 5.14 percent (2,735,885 jobs) while middle-wage employment will grow 4.1 percent (2,189,047).
  • Around half (49 percent or 148,012) of the 302,930 jobs that will be lost between 2017 to 2022 are middle-wage, twice the amount anticipated for high-wage and low-wage categories. High-wage occupations are expected to lose 79,825 jobs or 26 percent of the total job loss in the U.S. Low-wage occupations are expected to lose 75,093 jobs or 25 percent of the total job loss in the U.S.

For the purpose of this study, CareerBuilder and its labor market analysis arm Emsi defined low-wage jobs as those that pay $14.24 or less per hour; middle-wage jobs as $14.25-$23.23 per hour; and high-wage as $23.24 or more per hour. The research focused on the 785 occupations classified by the U.S. Bureau of Labor Statistics and included data for workers who are employed with organizations as well as those who are self-employed.

“Middle-wage workers are at the greatest risk for displacement especially as rapid advancements in technology reshape labor requirements,” said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. “Their only choices are adopting new skills for a higher-paying job, being underemployed in a lower-skill job or leaving the workforce altogether. Either of the latter options will result in less spending, less investing and significant economic challenges. If we want to adequately prepare our labor force, we need to dramatically increase efforts to re-skill and up-skill workers today.”

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