Health Care

What is the Employment Outlook of the Health Care Industry?
Health care is one of the fastestgrowing occupations around. Throughout the next decade, health care will add more jobs to the U.S. economy than any other industry or occupation. The BLS expects three million new wage-and-salary jobs in health care by 2016. In its Occupational Outlook Handbook, 2008-2009 Edition, the BLS said overall employment in the health care sector will increase 21.7 percent from 2006 to 2016.

Future gains in the U.S. workforce will be heavily concentrated in the health care industry. In fact, seven out of the 20 fastestgrowing occupations are health care related, including home health aides, medical assistants, physical therapist assistants and physician assistants, which will see employment increases of 49 percent, 35 percent, 32 percent and 27 percent, respectively, through 2016, states the BLS.

The employment outlook of registered nurses is especially good. The median age of registered nurses is increasing, and the BLS reports that an insufficient number of younger people are replacing them.

The following table illustrates BLS-provided employment prospects of a few of health care’s largest sectors. As the table shows, BLS’ projected rates of employment growth for the various industry segments of health care range from a low of 13 percent in hospitals, to a high of 55 percent in home health care services. Employment in offices of physicians and dentists will grow faster than employment predicted for the total health care industry, advancing 24.8 percent and 22.4 percent, respectively, states the BLS.

According to the BLS, job growth in the health care sector will stem from the fastgrowing elderly population; their health care needs and increased life expectancy will positively affect employment in the home health care and nursing and residential care segment. Advances in medical technology also continue to improve the survival rate of sick and injured patients.

Employment Outlook in Health Care by Industry Segment, 2006-2016
With projected employment growth of more than 20 percent during the next decade, health care is clearly one of the top markets for job openings in the coming years.

According to the U.S. Department of Health and Human Services, average annual growth in national health spending is predicted to advance 6.2 percent per year from 2008 to 2018, outpacing overall economic growth. For 2009, growth in health spending is forecast to be 5.5 percent. Health care’s share of GDP is projected to continue increasing in the years ahead. As national health expenditures continue to mount, health care workers of all ranks will remain in high demand.