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Townhall
Finance...
Where
the Jobs Are
by Kathy Fettke
6/28/11
Job
growth may be weak across the
nation, but several industries are poised to outperform the rest,
according to
data release from IBISWorld.
“After
compiling the list of fastest
hiring industries, some trends were apparent,” explained IBISWorld
industry
analyst Justin Molavi. “Each industry on the list fell into one or more
of five
sectors: environmental preservation, construction, automotive, real
estate and
insurance."
Surprised
to see construction and real
estate at the top of the list? Here’s
what IBIS World had to say about the top 5 growing industries:
Environmental
Preservation
Increasing
government regulations will
keep the focus on environmental preservation, benefiting businesses in
the
sustainable building material manufacturing and remediation and
environmental
cleanup services industries. IBISWorld estimates that jobs within these
industries will grow 19.3 percent and 6.3 percent per year,
respectively, by
2016.
Construction
With
economic improvement will come a
rebound in the housing market, which will benefit companies involved in
multi-family home building, millwork and prefabricated housing.
IBISWorld
expects jobs within these industries to grow annually at 10.9 percent,
6.2
percent and 6.1 percent, respectively, by 2016.
Automotive
This
sector was hit hard during the
recession, but as consumer confidence climbs so will car sales. Higher
automotive demand will benefit used car dealers and auto manufacturers.
IBISWorld expects annual employment growth of 8.8 percent and 1.5
percent in
these industries, respectively, by 2016. Auto manufacturing is not
expected to
grow as quickly as the other industries listed due to a high level of
outsourcing in recent history. However, domestic firms are starting to
move
some of their manufacturing functions back to the United States. After
years of
outsourcing, this shift could entirely restructure the recovering
industry.
Real
Estate
There
will be a renewed post-recession
interest in real estate as business picks up and companies need
appraisal and
risk management services. Real estate asset management and consulting
and real
estate appraisal firms are expected to beef up personnel to accommodate
growth,
increasing employee numbers at 6.2 percent and 5.6 percent per year,
respectively, by 2016.
Insurance
To
hedge risk exposure, insurers are
increasingly outsourcing risk management functions as well. In turn,
third-party administrators and insurance claim firms will have to
bolster
personnel. Employment in this industry is set to grow 5.7 percent
annually to
2016.
If
you are looking for a new career or
trying to narrow down a major at college, certainly consider this data.
If
you are looking to buy real estate,
consider whether the area has these industries nearby. Job growth
almost always
fuels real estate growth.
In
areas of the country where there
has been job stability and population growth, home prices have doubled
every
decade since the 70’s.
How
do you think this recession might
be similar or different from the last three? What are you doing to
protect
yourself now and to grow with the rebound?
Read
it at Townhall Finance
http://finance.townhall.com/columnists/kathyfettke/2011/06/25/where_the_jobs_are/page/full/
There’s
a companion piece to Where the Jobs
Are. Read it at Townhall Finance
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