We’ve tried to help keep a positive outlook on the economy and the promise it holds for both current and future opportunities. We also tend to be very analytical data junkies around here and are constantly looking at the latest information that will help us and our customers position themselves for the future. So, you can imagine our excitement when the latest employment projections data for the US Bureau of Labor Statistics (BLS) were released!
Looking at the big picture, the future is bright according the the BLS. The total projected employment increase from 2008 – 2018 is 15.3 million, or 10.1%. Compare this to the 10.4 million increase (7.4%) that the US experienced from 1998 – 2008. Good news! However, depending on what industry you are in or sell to, the news isn’t all good. The top 10 industries with the largest projected declines in employment are:
- Department Stores
- Semiconductor and other electronic component manufacturing
- Motor vehicle parts manufacturing
- Postal service
- Printing and related support services
- Cut and sew apparel manufacturing
- Newspaper publishers
- Support activities for mining
- Gasoline stations
- Wired telecommunications carriers
One observations that stands out is that manufacturing sector industries make up 40% of the list.
Those industries expected to gain the most in employment over the next 10 years include:
- Management, scientific and technical consulting services
- Offices of physicians
- Computer systems design and related services
- Other general merchandise stores
- Employment services
- Local government, excluding education and hospitals
- Home health care services
- Services for the elderly and persons with disabilities
- Nursing care facilities
- Full-service restaurants
The big standout on this list is the number of medical related industries (4).
So what do we do with this information? Everyone has to answer that question for themselves, however, as you the small business owner know there is opportunity in every situation. Look closely at this list and determine how your business can begin to position itself for any trends you see.
What opportunities do you see?
Looking to buy off-lease or repossessed equipment?
Photo Credit: Wikimedia